The 36-year-old, after two years in his second stint at Ibrox will depart the Scottish club after his contract expired and the club declined renewing his deal.
Balogun is now closing in on a move to his next club ahead of the 2025/2026 club season, as the campaign kicks off in July.
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According to the Scottish Sun, the former Mainz 05 defender looks set to link up with his former Rangers defensive partner Connor Goldson, at Cypriot club, Aris Limassol.The one-time Cyprus Cup winners have offered Balogun a deal to play on the Mediterranen island. Goldson played over 300 games in six years for the Gers, winning the Scottish Cup and the League Cup with Balogun in their time at Ibrox.
Balogun is now set to link up with his former teammate as his career winds down. The former Brighton and Hove Albion defender will be 37 next season, and could pull the curtain on his career at any moment.
In four seasons in Scotland, Balogun played 114 games for Rangers, scoring three goals and providing four assists in that time.