It’s been widely reported that Everton have agreed a deal worth €45 million, plus another €5m in add-ons with Monaco to sign the 25-year-old.
According to L’Equipe, the deal is now on the verge of collapsing and Balogun could yet remain with the Principality club.
It’s understood the hold-up is because Everton need to finalise the £65 million sale of Iliman Ndiaye before signing Balogun, and that deal is taking much longer than expected.
That, in turn, would have a domino effect on Monaco, who wouldn’t be able to complete the signing of Erik Lira without the Balogun money.
The reports adds that Aston Villa and Barcelona are also interested in the striker.
Not signing Balogun would be a major blow to Everton with the club having just sold Beto to Serie A side Fiorentina.