Monaco have had an offer for Folarin Balogun rejected by Arsenal.
The French side, who faced Arsenal in a friendly last week, have emerged as contenders to sign the 22 year-old who impressed at fellow Ligue 1 side Reims last season.
But Monaco’s opening bid fell short of Arsenal’s £50m valuation of USA striker Balogun who scored league goals for Reims during his loan spell in France.
Monaco have had a formal bid rejected for Arsenal's Folarin Balogun but remain interested
Adi Hutter's side made an initial verbal proposal for Balogun after the Emirates Cup
He is also wanted by Inter Milan, who remain in the market for a striker after losing out in the race for West Ham’s Gianluca Scamacca.