England’s under-21 abroad had not had a stake in his senior career prior to this campaign, as he failed to achieve a lasting turnout at Middlesbrough in the early part of 2022.
However, Balogun is now thought to be one of Europe’s most productive young strikers thanks to his performances during his loan at Reims.
The 21-year-old scored 18 goals and two assists on France’s most sensible flight, giving Arsenal an unforeseen bonus from their move to Ligue 1.
However, despite the progress of the academy, everything indicates that he will not be part of the first team of Arsenal next season.
Mikel Arteta is already stocked with roles in the middle of the attack with Gabriel Jesus, Eddie Nketiah and Leandro Trossard having spent time in that position.
In addition, Balogun is reportedly opposed to staying at Arsenal for the long term, while the North Londoners are open to a sale to generate more moving budget by the end of this year.
According to journalist Florian Plettenburg, Leipzig would be tempted to sign for Balogun before 2023-24.
Bundesliga giants are in the market to upgrade Christopher Nkunku, who is expected to point to Chelsea whether the Blues qualify for Europe.
Plettenburg says Balogun has a realistic option because of the likelihood that he will charge less than compatriot Jonathan David, who could leave Lille.
Arsenal reportedly intend to recover around €40 million (£35. 2 million) for Balogun, the player has only made two Premier League appearances.
By comparison, Plettenburg says David is valued at 65 million euros (£57. 2 million) in Lille, a value that is considered too high in Leipzig despite the money they will generate from the sale of Nkunku.
AC Milan were connected in the past with Balogun, while other European clubs are expected to sign up for the race in due course.