Everton had emerged as a late target for Balogun after Guinea-Bissau frontman Beto completed a permanent switch to Serie A club Fiorentina. The Toffees did also explore moves for Manchester United striker Joshua Zirkzee and Aston Villa frontman Tammy Abraham, but were unable to convince either to join.
The collapse of the deal comes after a deal sheet was signed between Everton, Monaco, and Balogun before the transfer window closed at 23:00 BST. The 25-year-old striker had been a target for several clubs, but ultimately decided against joining Everton.
In other transfer news, Everton signed Jack Grealish on a season-long loan deal from Manchester City. Grealish, who joined City from Villa for £100m in August 2021, scored twice and provided six assists in 20 appearances during his previous spell with Everton.
Everton have also completed the signing of Ainsley Maitland-Niles from French side Lyon. The 29-year-old former Arsenal player has won five caps for England and can operate as a full-back or in midfield. Meanwhile, Scotland right-back Nathan Patterson has completed a permanent move to Serie A club Torino.