Balogun is not the only player Arsenal will allow to leave at the right price. The Mail claimed earlier this week that six others could be on their way.
Kieran Tierney could bring in the largest fee out of the unwanted stars. He has fallen out of favour following the arrival of Oleksandr Zinchenko last summer.
Experienced duo Rob Holding and Cedric Soares could both go, as well as former record signing Nicolas Pepe. Albert Sambi Lokonga and Nuno Tavares, who had loan spells away last season, are also on the list of players to go.
The likes of Holding, Cedric and Pepe are unlikely to attract substantial transfer fees. However, getting their large salaries off the wage bill will be equally as important as the fee they receive.