Everton are eager to bolster their forward line before Tuesday's transfer deadline, with both Balogun and Tottenham attacker Richarlison identified as key targets.
The Toffees have now made an official bid for the 25-year-old United States international, whom Monaco values at £40m. It remains uncertain whether the proposed fee will be enough to secure the former Arsenal player.
Balogun recently made headlines during the World Cup following a controversial disciplinary ruling regarding a red card against Bosnia-Herzegovina. Despite his dismissal for serious foul play, FIFA suspended his ban for a year, drawing heavy criticism from various football bodies.
