Everton have reached an agreement with Monaco for the transfer of United States striker Folarin Balogun, with the Premier League club set to pay an initial €45m for the forward.
A further €5m is included in potential bonuses, while Monaco will also receive a percentage of any future transfer fee if Balogun is sold on by Everton.
The agreement between the two clubs has been approved by Monaco, but Everton must still conclude negotiations with Balogun over the terms of his personal contract before the move can be completed.
The proposed deal would bring Balogun back to England after he left Arsenal for Monaco in August 2023. He has played for the French club since then and is now set to return to the Premier League if an agreement can be reached on his contract.
Transfer insider Fabrizio Romano reported that the two clubs had settled the main financial details of the move. The structure of the agreement includes the €45m initial payment, performance-related additions worth €5m and a sell-on clause for Monaco.
Balogun’s next step will be to agree his personal terms with Everton. Until those negotiations are finalised, the transfer remains incomplete despite Monaco having given its approval.
The striker scored 19 goals and provided four assists in 43 appearances for Monaco in all competitions last season. Those figures form the latest record of his contribution for the club since his move from Arsenal.
Everton’s agreement with Monaco therefore represents significant progress in their attempt to secure Balogun, but the final stage of the transfer depends on the player’s contract negotiations. Monaco’s consent has cleared the way for those discussions to take place.
Balogun joined Monaco in August 2023 after moving from Arsenal to France. He has since established himself as part of the Ligue 1 club’s attack, featuring regularly across domestic and other competitions.
The proposed fee makes clear the scale of Everton’s commitment to the forward, with the initial €45m payment potentially rising to €50m if the agreed bonuses are achieved. Monaco’s entitlement to a proportion of any future sale would provide the French club with a further financial interest in Balogun’s career after his departure.
For now, however, the outstanding issue is an agreement between Everton and Balogun. If the player accepts the terms offered, the clubs’ agreement will allow the transfer to proceed.