Chelsea are not prepared to meet Arsenal's asking price for Folarin Balogun

Chelsea's interest in Arsenal striker Folarin Balogun persists, but they are presently unwilling to meet the Gunners' valuation of £50million.

In search of a new striker to alleviate the burden on Nicolas Jackson, Chelsea explored the possibility of acquiring Balogun, who impressively scored 21 goals during his dynamic loan stint with Ligue 1's Stade Reims last season.

Engaging with both Balogun's representatives and Arsenal, Chelsea's intrigue for a deal with the American striker remains.

Ligue 1's Monaco recently made a £30million bid for Balogun, which proved unsuccessful. Meanwhile, Inter's initial enthusiasm for the 22-year-old also waned when faced with the firm £50million valuation.

As the transfer window approaches its close, Chelsea's aim is to secure a new striker and a versatile attacker who could fill the void left by Christopher Nkunku, who had been playing both as a number 10 and a winger during pre-season before a knee injury side-lined him.

Though a deal for Crystal Palace's emerging talent Michael Olise was almost finalised, he ultimately opted to sign a new contract with the club. This left Chelsea needing to explore alternative options.

Chelsea also hold admiration for Lyon's youthful duo, Rayan Cherki and Bradley Barcola, both 20 years old. These prospects stood out when scouts observed the progress of right-back Malo Gusto during the latter part of the previous season.