The striker was sent to the French club at the start of this season as chances were limited for him to play at the Emirates.
That decision has proven very inspirational, as he has now exploded at the French club.
Balogun has 17 goals from 27 league games for Reims this term, four more than Lionel Messi has scored in the competition.
Only Kylian Mbappe and Jonathan David have scored more goals than him, with 19 strikes for PSG and Lille.
Despite his red-hot form, Arsenal has yet to make plans to include Balogun in their first team sheet.
The Gunners did not expect the striker to explode in Ligue 1 as he has done, and it could be a problem for them at the end of the term.
One inevitable thing is that Balogun will no longer be satisfied with being a bench-warmer at the Emirates, and the striker is prepared to leave.
He was speaking about his future recently and had the chance to commit to the Gunners, but the New York-born goal-scorer claims his future remains open, and he does not know what will happen.
He told Ligue 1 official website: “Contractually I have to go back because the loan was only for one year so that was always the agreement.
“I’m not sure what is going to happen in the future.
“A lot could happen in football, a lot could change, and it just depends on the conversations we have between me and the club in the summer, and we’ll see what happens.
“I mean there’s no door that’s closed. Of course I have had a good year here and to a lot of people it makes sense for me to come back here. So yeah I mean I don’t know what the future will bring.”