Liverpool’s Long Chase for Folarin Balogun Runs Into a Crowded Market

Liverpool first scouted Folarin Balogun as a teenager in 2020, hoping to land him for nothing once his Arsenal contract lapsed a year later. Six years on, AS Monaco wants €50 million (about $54 million) for the same forward, and the clubs doing the active chasing this summer are Paris Saint-Germain, Chelsea and Tottenham Hotspur.

Balogun spent the past month turning himself into the World Cup’s most talked-about American: two goals against Paraguay, a red card against Bosnia and Herzegovina, then a FIFA reversal that followed a call from President Trump and infuriated UEFA. None of that has made Liverpool’s route back to him any cheaper, or any less crowded.

Michael Edwards Once Wanted Balogun for Nothing

Michael Edwards, Liverpool’s chief executive of football, has a longer file on Balogun than most transfer targets ever get. Michael Edwards returned to the club as CEO of football, a role that includes overseeing Liverpool’s sporting operations. The Daily Mirror reported in 2020 that Liverpool’s scouts were tracking the young forward through Arsenal’s academy, hoping to sign him for free once his contract expired in the summer of 2021.

Balogun chose to stay and fight for a place at Arsenal instead, and it did not work out the way he hoped. He went out on loan, first to Middlesbrough, then to Reims, where he scored 22 goals in his first season, the highest ever for an American in a top five European league.

Arsenal eventually sold him to Monaco. On August 30, 2023, Monaco announced the signing of Balogun on a five-year contract, for a reported fee of €30 million, which could rise to €40 million with add-ons. He is tied to the club until June 30, 2028, and finished this past campaign as Monaco’s Player of the Season.

A Rescinded Red Card Turned Him into World Cup Property

Balogun arrived at the World Cup on the back of his best domestic season yet. He scored 13 Ligue 1 goals for Monaco in 2025-26, the fourth highest tally in the competition that season, and strung together eight consecutive scoring games between late February and April, tying the 2025-26 top five league record shared only with Real Madrid’s Kylian Mbappé.

He carried that form into the tournament, scoring twice as the United States beat Paraguay in the World Cup opener. Then came the round of 32 against Bosnia and Herzegovina, where the Americans won their knockout opener while Balogun was shown a red card.

FIFA rescinded the suspension days later. The reversal followed a call from President Trump, turning a disciplinary decision into a diplomatic one. Belgium’s federation, whose team faced the Americans next, challenged that reversal. Belgium’s appeal against the ruling was denied, clearing Balogun to play.

Who Is Bidding for Folarin Balogun?

Paris Saint-Germain, Chelsea, Tottenham Hotspur and Borussia Dortmund have all been credited with real interest in Balogun this summer, according to reporting from Foot Mercato and Bild. Liverpool’s connection is six years old. None of the fresh wire reporting from the past week has placed the club among his active suitors.

Paris Saint-Germain added Balogun to their shortlist as a replacement for Gonçalo Ramos, who recently joined AC Milan. Edwards has not been named in any of that reporting.

Monaco’s Price Has Climbed Far Past Free

The number attached to Balogun’s name has moved fast. Market trackers had him valued at €18 million in October 2025 and €22 million by March 2026, before his World Cup form pushed Monaco’s own asking price to €50 million, with some reports suggesting the club would hold out for €55 million.

Transfermarkt’s own valuation sits lower, at €40 million as of June 2026, almost exactly what Monaco paid to sign him in the first place. Paris Saint-Germain already tested that number once before, with a reported €65 million bid in November 2024, back when a shoulder injury had him struggling for minutes.

What We Know

• Asking price: Monaco wants €50 million, and reportedly as much as €55 million, for a player its scouts once could have missed entirely.
• Contract: Balogun is signed with Monaco until June 2028.
• Named suitors: Paris Saint-Germain, Chelsea, Tottenham Hotspur and Borussia Dortmund have all been credited with interest by Foot Mercato and Bild.

What’s Unconfirmed

• Liverpool’s move: no bid or formal contact from Anfield has been reported anywhere.
• Balogun’s own preference: whether he or Monaco actually want to complete a sale before the window closes.

Every figure above comes from a market that has not yet produced a documented offer from Liverpool.

Liverpool’s Attack Is Thinner Than One Winger Can Fix

Liverpool’s clearest attacking priority this summer is a winger, not a striker. Paris Saint-Germain are preparing to close a deal for RB Leipzig’s Yan Diomande at a fee of around €100 million, with Liverpool still in the race and Real Madrid also monitoring the situation.

That is before accounting for the exits. Mohamed Salah has been a free agent since his Liverpool contract expired, and ESPN reported this week that Major League Soccer clubs have already made calls to gauge his availability, with Saudi Pro League interest still lingering too.

Federico Chiesa is expected to follow him out, and Hugo Ekitike is not due back from a long-term injury until January 2027. That leaves Liverpool manager Andoni Iraola with a short list of senior forwards.

• Rio Ngumoha – a promising teenage forward, but not yet ready to carry a title challenge alone.
• Alexander Isak – one of the most complete strikers in Europe on his best days, though his injury record makes leaning on him alone a risk.
• Cody Gakpo – versatile and proven, but his own long-term future at Anfield is still unresolved.

Edwards is not just shopping for forwards. Liverpool are also pushing for clarity on a deal for Brighton defender Jan Paul van Hecke, a pursuit testing the club’s patience on the other side of the pitch. A move for Balogun, if it happens, would be one deal among several rather than the summer’s headline signing.

Is Balogun’s Shoulder a Dealbreaker?

Balogun’s 2024-25 season was wrecked by a dislocated shoulder that eventually required surgery, limiting him to 13 Ligue 1 appearances and four goals. He returned this season to post the best numbers of his career, but the same shoulder is exactly the kind of recurring risk Liverpool already manage with Isak leading their line.

The injury first flared against Rennes in early October 2024, when Balogun left the pitch after helping Monaco win 2-1. It resurfaced weeks later, and Monaco’s manager confirmed Balogun would need shoulder surgery, ruling him out of a Champions League reunion with his old club.

For sure he is a bit frustrated about this because he worked hard for his comeback.

Adi Hütter, Monaco’s coach at the time, said that in December 2024. Balogun ultimately played just 13 Ligue 1 games that season and scored four goals, a stark drop from the numbers that now have four European clubs calling Monaco.

The full extent of that lay-off is tracked on Transfermarkt’s injury history page for the player. Liverpool already lean on one injury-prone striker in Isak. Signing a second one with a comparable medical file would not remove that risk. It would only spread it across two names instead of one.

Frequently Asked Questions

How much would Folarin Balogun cost this summer?

Monaco’s asking price has been reported at €50 million, with some reports suggesting the club would hold out for €55 million. That is already more than the €40 million Monaco paid, add-ons included, to sign him from Arsenal in 2023.

Is Folarin Balogun a free agent?

No. He is contracted to Monaco until June 2028 and reportedly earns a gross monthly salary of around €230,000, though as a United States citizen he does not receive the tax-free benefits Monaco offers most foreign residents and pays close to 30 percent of that salary to the US government.

Why was Balogun sent off at the World Cup, and why was the card overturned?

Balogun was shown a red card during the United States’ round of 32 win over Bosnia and Herzegovina. FIFA rescinded the suspension after a call from President Trump, Belgium’s appeal against that reversal was denied, and UEFA publicly condemned the decision, with former FIFA president Sepp Blatter saying the governing body had bowed to political pressure.

Would Balogun qualify as a homegrown player at Liverpool?

Yes. He progressed through Arsenal’s academy before turning 21, which satisfies the Premier League’s homegrown rule regardless of his American passport. Liverpool have been managing their academy pipeline closely elsewhere too, including Carter Pinnington’s move to West Brom.

Which clubs are closest to signing him?

Paris Saint-Germain, Chelsea, Tottenham Hotspur and Borussia Dortmund have all been credited with genuine interest this summer. Reports have also floated Everton and Aston Villa as possible suitors. Liverpool’s connection dates back to 2020, and no bid from Anfield has been reported so far.