Roberto De Zerbi is on the lookout for a forward capable of competing with Dominic Solanke and adding squad depth up front, and The Sun reports Balogun's availability for a competitive fee has made him an option worthy of serious consideration at Spurs.
The 25-year-old left Arsenal for Monaco in 2023 after around 15 years at the north London club, having made only a handful of senior appearances before his departure. He impressed at this summer's World Cup with the United States, and uncertainty over his long-term role at Monaco is said to be working in Tottenham's favour, with the Ligue 1 club potentially open to a sale if the price is judged reasonable.
Balogun's pace, ability to find space in tight areas and capacity to create danger with either foot are seen as attributes that would suit De Zerbi's system.
The move would represent an alternative route for Tottenham after Eli Junior Kroupi, previously considered their priority striker target, sustained a serious foot injury in pre-season training that has ruled him out of contention.
Balogun is not the only forward option presented to Spurs this summer, with Chelsea's Nicolas Jackson also having been pitched to the club, though the Senegalese striker is also wanted by Aston Villa and Newcastle United.
Galatasaray's Victor Osimhen remains under consideration too, but his reported £65-70m price tag is currently viewed as too steep. Spurs must now decide whether to make a formal move for Balogun or pursue one of the alternatives, with Solanke's inconsistent goal return this term adding urgency to De Zerbi's search for competition up top.
Balogun spent 15 years as an academy player at Arsenal without ever securing a regular route into the first team, eventually leaving for Monaco in a deal worth around €40m that included a sell-on clause.
He has since become a regular fixture in Ligue 1 and gained further experience in the Champions League, while his World Cup displays for the United States, including a red-card controversy that drew comment from President Donald Trump, kept his name firmly in the conversation among Premier League recruitment departments.