AC Milan are reportedly thinking of making a move for the striker, and Inter Milan also have him in their sights for the 2023/24 campaign.
The same outlet adds that Balogun is valued at €40m (£35.3m), and that figure could rise even higher in the months to come.
That valuation is undoubtedly based on Balogun’s impressive first season in France so far.
The striker has already scored 10 goals in Ligue 1, which was his target for the season, and he still has another four months to add to that tally.
As it stands, Balogun has scored 50% of Reims’ entire league goal tally. It’s certainly been a positive loan spell, and they’re unlikely to drop him in the second half of the campaign.
Come the summer, Arsenal will have a decision to make on Balogun’s future.
Having already proven he can score goals in one of Europe’s top-five leagues, it will be hard to convince the striker to go out on another loan.
Perhaps a temporary move within the Premier League might be the sole exception to that, as it’s the only realistic step up that could benefit Arsenal and the player.
Otherwise, Balogun is likely to want to either integrate into the Arsenal first team or leave permanently.
With Gabriel Jesus and Eddie Nketiah for competition, it’s not clear how Mikel Arteta would feel about giving Balogun minutes next year.
It may well depend on whether the striker can keep his impressive form up in the coming months.