Balogun shares the same agent as Middlesbrough-owned striker Chuba Akpom who is spending the 2021-2022 campaign on loan at Greek outfit PAOK.
The Hale End Academy product had been expected to depart the Gunners in June but he made a U-turn and put pen to paper on a new contract with the hope that he would get first-team opportunities this term.
Balogun's game time has been extremely limited as he his behind Pierre-Emerick Aubameyang, Alexandre Lacazette, Eddie Nketiah and Gabriel Martinelli in manager Mikel Arteta's pecking order of center forwards.
Middlesbrough are in the market for a striker ahead of the reopening of the transfer window and have identified the Anglo-Nigerian as a possible reinforcement.
New Boro boss Chris Wilder was at a recent England U21 game to run the rule over Balogun and is aware of competition from his former club Sheffield United.
Wilder attempted to bring Balogun to the Blades last September but they were priced out of a deal for the 20-year-old.
Arsenal will decide whether or not to loan out the striker in December.
Ifeanyi Emmanuel
Photo Credit : arsenal.com
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