Arsenal have confirmed the sale of striker Folarin Balogun to AS Monaco in what is a reported record sale for the club.

Balogun enjoyed a thoroughly successful loan spell in Ligue 1 last season with Stade Reims, bagging 21 goals at the club.

That goalscoring has notably impressed Monaco, who 90min understands have now forked out around £38.5m (€45m) to sign the forward - the largest fee the Gunners have ever received for an outgoing player.

A statement from Arsenal on the sale of Balogun reads: "Folarin Balogun has joined Ligue 1 side AS Monaco in a permanent transfer. We thank Folarin for his contribution to Arsenal, through our Academy into the first team, and wish him the best of health and happiness in his new chapter at AS Monaco. The deal is subject to the completion of regulatory processes."

The USMNT striker had been of interest to a number of top clubs throughout Europe, with Serie A giants Inter holding talks over the player earlier in the summer. 90min understands that Chelsea had also retained an interest, however they were not willing to come close to Arsenal's asking price.

Balogun has put pen to paper on a five-year deal at Monaco, and could make his debut in their meeting with Lens this weekend at the Stade Louis II.

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This article was originally published on 90min as Arsenal confirm Folarin Balogun's move to Monaco.