The Nerazzurri were recently interested in re-signing Chelsea star Romelu Lukaku on a permanent basis.

However, their interest has now ended after the Belgian reportedly made contact with Juventus over a move.

Balogun is now the main target for the Nerazzurri, and reports claim that they are ready to pay £34m for him.

The Nerazzurri are weighing up a formal offer to the Gunners, but it is unclear whether the fee will be enough.

Arsenal currently value their striker in the region of £45-50m and could remain firm on the transfer figure.

The London giants are anticipating plenty of interest in him during the back end of the summer transfer window .

AC Milan, Borussia Dortmund and Monaco are among clubs that are keeping a close eye on his proceedings.

Balogun is currently with Arsenal in the United States, but is widely expected to leave in the coming weeks.

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