ARSENAL have rejected an offer from Monaco for striker Folarin Balogun.
The French club submitted a written offer for the forward after a verbal bid was rejected last week.
According to The Athletic, Monaco's pursuit of Balogun is ongoing despite them having two approaches knocked back.
The two clubs' sporting directors are understood to have a good relationship with each other.
Thiago Scuro and Edu have built a strong working relationship in the past which could benefit the French side's pursuit of Balogun.
Monaco's initial bid was made after last week's Emirates Cup clash with the Gunners.
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Arsenal won the match on penalties following a 2-2 draw on Wednesday.
The report also adds that Inter Milan remain keen on a move for Balogun but it is unknown if they can afford to sign him.
Inter are in the market for a new striker, with both Edin Dzeko and Romelu Lukaku no longer at the club.
Balogun has been valued at £45million by Arsenal this summer following an impressive loan spell last season.
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He scored 21 goals in 37 Ligue 1 appearances for Reims to help the club finish 11th in the table.
His performances also earned him a first call-up from the USA after switching his international allegiance from England.
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