The United States international saw his stock rise last season during a prolific season-long loan at French club Reims.
Balogun netted 22 goals in 39 league and cup games for Will Sill's side, and recently scored his first United States goal since switching his international allegiance from England, to put himself firmly in the shop window this summer.
The 21-year-old is set to return to the Emirates Stadium ahead of pre-season training but his future at the club remains unclear.
Balogun's development in France has left him wanting more first-team action but his pathway to Arsenal's starting XI may prove to be a little more difficult.
Gunners chiefs have slapped a £35million price tag on the youngster but intrigued Arsenal fans are hoping he gets a shot in the first-team next season.
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But that remains to be seen after his latest tweet posted from Enfield early on Friday morning.
His tweet read: "It is time!" alongside an egg timer emoji and it has left fans panicking about what his next move will be.
One fan replied: "Are you staying mate?"
A second wrote: "What does this mean???"
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A third wrote: "Time to return home and fight for your place in the team."
Another fan replied: "Stay and fight for your place."
Whilst a fifth fan replied: "Time for what? Please don't leave Arsenal."
It remains to be seen where Balogun plays his football next season, with RB Leipzig and Marseille among the interested parties.
They join Inter and AC Milan in the list of potential suitors for the striker who could be set for another stint outside of the Premier League.