Folarin Balogun has completed a permanent move to French club Monaco from Arsenal.

The PA news agency understands the deal for the 22-year-old United States forward is worth 40million euros (£34.3m) and also includes a sell-on clause of 17.5 per cent.

Monaco confirmed Balogun had signed a five-year contract until June 2028.

Balogun joined the Gunners aged 10 and developed through the club’s academy before signing a first professional contract in February 2019, making his senior debut in the Europa League the following year.

In January 2022, Balogun joined Sky Bet Championship side Middlesbrough on loan and he spent last season in Ligue 1 at Reims, where he scored 21 goals.

A club statement from the Gunners read: “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 Monaco.”