Balogun is reportedly going to turn down an important contract bid from Bayer Leverkusen to stay at Arsenal.
RB Leipzig, on the hand, have never been in the race.
The 19-year-old’s current contract runs out this summer but Gunners’ boss manager Mikel Arteta and technical director Edu have convinced Balogun his future is at the Emirates.
Balogun has an impressive record for Arsenal’s U23s this season, scoring eight and providing two assists in 16 games.
Balogun also scored twice in five substitute appearances for the senior side.
Prior to making the step-up to the U23s Balogun starred for Arsenal’s U18s in their title-winning season, starting 19 games and scoring 25 goals including two hat-tricks and a four-goal haul.
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New York-born Balogun has represented both England and the USA at the U18 level but is also eligible to play for Nigeria.