Arsenal have reportedly turned down an offer of around £3m from Brighton & Hove Albion for Folarin Balogun.
Balogun is regarded as one of the most promising graduates, but he has yet to make the breakthrough to the senior squad.
Hence, he appears to have the decision to move on and has declined the chance of signing a new contract beyond June 2021.
According to Football.London, Brighton recently came up with a £3m bid for Balogun, but the offer was swiftly rejected by the Gunners.
The north London side value Balogun at around £8m and they are reluctant to cash in on their academy graduate for anything less.
Balogun has bagged 13 goals and four assists from 38 appearances for the Under 23s and that includes the winner in the recent EFL trophy game at Ipswich Town.
The club were 1-0 down until the dying stages of the opening half when George Lewis found the net. Balogun eventually registered the winner before the hour mark.