The 24-year-old had his breakthrough in French football during a loan spell at Reims in 2022-23, scoring 22 goals in his debut Ligue 1 season.
Monaco signed him permanently the following summer for a fee that could rise to €40m, and he has since established himself as one of the league's most consistent forwards.
Last season Balogun scored 13 goals and contributed four assists across 30 Ligue 1 appearances, 26 of them from the start, to finish as Monaco's top scorer.
His stock has risen further at the 2026 World Cup, where he has been spearheading the United States attack under Mauricio Pochettino, scoring twice against Paraguay to become the first American to net a brace in a World Cup match since 1930.
Monaco are seeking €50m for the forward, a figure that would represent a profit of around €20m on their initial investment. His contract at the Principauté runs until 2028 and no talks over an extension have begun, making a summer sale the most likely outcome for both parties.
The Athletic notes that aside from Premier League interest, clubs in Serie A have also registered their interest. No specific clubs have been named and no advanced negotiations are underway.
Balogun's appeal to English clubs is enhanced by his homegrown status — he grew up in London as an Arsenal academy product and qualifies under Premier League registration rules. Arsenal retain a 17.5 per cent sell-on clause from his original departure.