Giovanni van Bronckhorst is believed to have close links with Arsenal's technical director Edu having played with him during his spell at the north London club.
Almost everyone expected Balogun to depart the Emirates in the summer but he made a U-turn at the back of end of last season by signing a new long-term deal with the hope that he would get playing opportunities this term.
The England U21 international of Nigerian descent has run out of patience with manager Mikel Arteta and is angling for a loan move in the January transfer window.
Balogun has found his name on a list of three fringe players in the Arsenal first team that Rangers should target when the window reopens, the others being Calum Chambers and Eddie Nketiah.
On Balogun, Catterson-Reid wrote : "Therefore, a loan move in January seems to make sense for all parties and given speculation continues to surround Rangers frontman Alfredo Morelos then perhaps a temporary move to Ibrox makes the most sense".
The statistics back up the claim that Premier League 2 football is too easy for Balogun with the attacker notching ten goals in nine appearances in the division so far this season.
Igho Kingsley
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