Ligue 1 club, Monaco has completed the signing of Folarin Balogun from Arsenal.
Monaco paid the English Premier League club the sum of £34 million to secure the services of the striker.
There is also a 17.5% sell-on clause inserted in the deal.
Naija News understands that the 22-year-old put pen to paper on a five-year contract.
Balogun caught the eye after scoring 22 goals in 39 matches while on loan at another Ligue 1 club, Stade Reims, from Arsenal last season.
The forward leaves Arsenal after having been at the club since the age of 10.
Naija News understands that Monaco, Inter Milan and Chelsea were all in battle for the Nigerian-born American footballer.
The three European clubs are said to be very interested in the England former youth international who is now representing the United States senior football team.
Arsenal is said to have pegged £50 million for the 22-year-old forward this summer.
Recall that Folarin Balogun made a huge statement in the world of football when he was on loan at French Ligue 1 side Reims last season.
In the said season, Balogun stunned most football enthusiasts by scoring 22 goals for the French side.
Despite that, coach Mikel Arteta is not ready to give him a chance at Arsenal even though his favourite striker, Gabriel Jesus, is battling an injury.
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