Monaco have announced the arrival of striker Folarin Balogun, who signs a long-term contract with the French side understood to be worth 40 million euros.
The American international has left Arsenal looking for more game time, as he fell down the pecking orderbehind starting striker Gabriel Jesus and fellow academy graduate Eddie Nketiah.
Monaco were looking for a striker following Breel Embolo's ACL injury, which will see the Swiss international out for a long period of time.
Despite interest from Inter Milan and Chelsea in the 22-year-old, the Italian side didn't have the finacial muscle to negotiate with the Gunners, and the Blues would have struggled to prise such a talent away from their Premier League rivals.
It was also reported that Arsenal negotiated a significant sell-on clause for the striker, well-aware of the US international's potential.
"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," the Gunners wrote on their website.
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