Having come through the Arsenal youth ranks, the 21-year-old would have hoped to be have been provided with a sustained chance in the first team at this stage of his career.
Instead, the England Under-21 international has been limited to just two starts and eight substitute outings with the Gunners, while a loan switch to Middlesbrough did not bring the goals that were expected.
However, Balogun has kick-started his career during another temporary period away from the Emirates Stadium, this time in France with Reims where he has emerged as one of the top performing young strikers in Europe.
Balogun has 10 goals from 16 outings in Ligue 1, his latest double coming in a surprise 3-1 victory over Rennes in his club's final fixture of 2022.
As a result of Gabriel Jesus's injury, it was suggested at one stage that Balogun may return to North London, but that does currently not appear to be under consideration.
Nevertheless, according to Calciomercato, that has not stopped other big clubs in Europe contemplating an approach for the player.
The report suggests that Milan may look to move for a player such as Balogun due to Zlatan Ibrahimovic being in the last years of his career and Divock Origi failing to make an impact at San Siro.
Olivier Giroud is also 36 years of age, putting a certain emphasis on reducing the age of Stefano Pioli's attacking options over the coming transfer windows.
As far as Arsenal are concerned, it is yet to be seen whether Mikel Arteta will consider Balogun to be a first-team option in the future.
Although the player still has two-and-a-half years remaining on his contract, Arsenal are at a stage of their development where they may wish to generate a substantial fee for a squad player.
The North Londoners are currently in the process of attempting to sign Shakhtar Donetsk winger Mykhaylo Mudryk, who will cost well in excess of £50m if he moves to the Premier League leaders in January.
Eddie Nketiah is also proving to be the undisputed number two in the central-forward pecking order, the stand-in for Jesus netting in each of the recent wins over West Ham United and Brighton & Hove Albion.