The England Under-21 star will spend the second half of this campaign at Boro on loan.
According to the Daily Mail, Balogun is heading to the club to complete his medicla this week.
When he comes out of COVID-19 isolation, he will complete his move and become their second signing of the January transfer window.
The deal is a straight loan with no option to buy, while Arsenal are paying part of Balogun's wages as well.
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