Balogun has been signed by Ligue 1 side Monaco from Arsenal.
The club spent £34 million to sign the striker.
A 17.5% sell-on clause was also added into the agreement.
A five-year contract was signed by the 22-year-old.
Balogun attracted attention after scoring 22 goals in 39 games while on loan from Arsenal to Stade Reims, a Ligue 1 club, last season.
The forward, who joined Arsenal when he was 10, exits the organization.