Balogun’s proposed £40M switch from AS Monaco to Merseyside spectacularly fell apart at the last minute as the USMNT international boldly withdrew from the negotiations.
Sources close to the player claimed he was unhappy with how Everton handled his medical, and the wider contract talks, saying the former Arsenal attacker did not feel comfortable proceeding with a move.
The Ligue 1 giants have since hinted at a willingness to sell him in the January market - with Balogun open to moving on from France - but he will not be joining David Moyes' team.
The latest from Football Insider claims the club have closed the door on a renewed offer, and budget cuts mean Moyes may have to settle for a forward on loan, despite his over reliance on Thierno Barry in the Toffees attack.
Dinamo Zagreb's Dion Beljo has emerged as a possible option, after he scored 38 goals in his first season at the club in 2025/26, but he could cost upwards of £35M.