Arsenal might now look to use Folarin Balogun as a makeweight to sign Declan Rice from West Ham United this summer, transfer insider Dean Jones suggested to GIVEMESPORT.

Rice is currently top of Arsenal's list of preferred targets, with the Gunners said to be keen on landing the Englishman no matter the cost.

Arsenal transfer news - Declan Rice and Folarin Balogun

According to an update on the future of Rice by Mail Online, West Ham are willing to sell their captain in the summer window, but only if they receive a suitable offer.

It's claimed that the Hammers value Rice close to £100 million and would be looking to land a hefty fee for the midfielder, should he leave.

Arsenal have been reported as front runners since the turn of the year, with Mikel Arteta reportedly keen on bringing Rice to north London.

However, the Premier League hopefuls - who have guaranteed Champions League football for next season - could face competition from other sides in the division.

The report suggests that Manchester United, Liverpool and Chelsea are all keeping a close eye on Rice and monitoring his availability.

But with West Ham rumoured to be intent on holding out for a £100 million fee, Arsenal might have to explore alternative payment methods to sign the England international this summer.

One of those mooted is a potential swap deal that would see £32,000-per-week earner Balogun go in the opposite direction.

What has Dean Jones said about Rice and Balogun?

Speaking to GIVEMESPORT, transfer insider Jones hinted Balogun could be used as a way to free up funds for Arsenal.

On the deal, Jones said: "There could be some sense in a player going in the other direction if Arsenal want to strike a deal. We'll have to wait to see what happens with Balogun, but he seems to be ready to challenge for regular Premier League football and if West Ham like what they see on that front, then maybe this could become an option that's put forward along with some cash.”

What would a Balogun plus cash swap for Rice actually look like?

According to Transfermarkt, Balogun's market value currently sits in the region of £22 million - a valuation boosted by the striker's impressive season at Stade Reims.

The USA-born forward has netted 18 Ligue 1 goals for the French side, with attention already switching towards what his role for Arsenal might be next season.

Should a player plus cash deal materialise, it's likely Arsenal could chalk somewhere between £20 million and £30 million off Rice's price tag, taking it down to around £70 million.

While still a weighty amount, given the Champions League riches Arsenal will be pocketing next season, it certainly would make the deal a little more palatable.