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The 22-year-old has done little in English football but enjoyed a superb loan spell in Ligue 1 with Reims last season which has transformed his reputation.
The striker scored 21 league goals in 37 appearances during the loan spell and has caught the eye of clubs across Europe as a result.
Inter Milan are very keen on Balogun, while Monaco have seen one bid rejected and are expected to come back with a second offer.
Arsenal have set a hefty asking price of £50m which has put Inter off and may be difficult for Monaco to meet, but Premier League clubs may well find it easier to complete a deal.
Sky Sports report that the interest from Chelsea is genuine, although there has been no formal bid for Balogun from the Blues yet.
West Ham have also been credited with an interest in the 22-year-old, although they have not made an official move as yet either.
Balogun is keen to play regularly this season after enjoying his spell at Reims, so it may be that Chelsea cannot offer him that, although it would clearly be a big move for him.
The former England Under-21 international switched his international allegiance this year to United States and has scored once in his first two appearances for America.
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