Balogun scored twice as the United States thrashed Paraguay 4-1 in their opening Group D fixture at the Los Angeles Stadium, becoming the first American player to score more than once in a World Cup match since the tournament's first edition in 1930.
The 24-year-old, who spent his formative years in north London after joining Arsenal's academy at the age of eight, left the Emirates Stadium for Monaco in August 2023 in a deal worth around €40m, or roughly £34.3m. As part of the agreement, Arsenal inserted a 17.5% sell-on clause into Balogun's contract.
That clause means any future transfer fee Monaco receive for the striker would see a significant share returned to Arsenal, on top of the money already banked from the original sale.
Arsenal's decision to include such a high percentage reflected the value the club placed on Balogun's potential at the time of his departure, even as they moved on from a player who had come through the ranks since childhood.
The forward's underwhelming spell in Monaco initially appeared to validate Arsenal's choice to cash in. Balogun struggled for consistency in Ligue 1, missing chances and drawing criticism from his head coach for trying to do too much in big moments.
Sunday's performance against Paraguay, though, was a different proposition entirely. Balogun's first goal came in the 31st minute, finishing from a deflected pass after Christian Pulisic had been sent clear down the left by Antonee Robinson. He added a third for the United States before half-time, converting after Malik Tillman released him into the box.
Mauricio Pochettino's side had already taken the lead through a Damian Bobadilla own goal inside the opening minutes, with substitute Giovanni Reyna completing the scoring late on after Paraguay pulled one back in the second half.
For Arsenal, performances of this magnitude on football's biggest stage do more than generate headlines. They shape valuations. A forward who scores twice in a World Cup victory, in front of a global audience, becomes a far more attractive proposition to potential suitors than one struggling for game time in Ligue 1.
Should Monaco field offers for Balogun this summer or beyond, any fee would trigger Arsenal's clause, a mechanism that has already proven lucrative for the Gunners with other departed academy products.
Pochettino was effusive about his side's display after the final whistle, praising the manner in which his players approached the occasion.
"In the first 45 minutes, I said we were amazing. It's difficult to find a team to play like this. So happy and so proud."
For Arsenal, the immediate priority remains their own squad. But Balogun's World Cup form is a reminder that decisions made in transfer windows years earlier can still pay dividends long after a player has moved on, particularly when a tournament like this puts a spotlight on exactly the kind of talent clubs regret losing.