The 18-year-old, who can operate as a winger or as a full-back, is out of contract at the Gunners in the summer of 2021.
Balogun’s current contract at the North London outfit also runs out at the end of next season, with The Daily Mail reporting this week that Southampton and AC Milan are interested in the 18-year-old striker.
However, Arsenal head coach Mikel Arteta has said that talks over new contracts with Saka and Balogun are ongoing.
Arteta told Football.London about Saka and Balogun: “I’m not worried because I know the club is trying to keep them.
“They know how much I like working with them and hopefully we can find agreements with them.”
Blow for Liverpool and Southampton?
Saka and Balogun are very talented and promising young players who can be stars for Arsenal in the coming years.
The two 18-year-olds will be assets for the Gunners in the long run, and it would make sense for Arsenal to agree on new deals with them and keep them at the Emirates Stadium beyond the summer.
This means that Liverpool and Southampton are set to face setbacks in their attempts to sign Saka and Balogun respectively.