No mate, I do trust Arteta ... but Jesus, Trossard and Martinelli are league ready forwards who are currently as good or better than Balogun in his role. Pop Gabi up top at Reims and check how many he scores.
I think you've got to ask yourself whether the situation is:
That Balogun would readily succeed here, he's just too much of a dickhead to wait for a chance that will certainly come this season given his talents, or ...
He is frustrated and pushing for a move because Arteta is refusing to promote him to the first XI or give him any guarantees about selection, and is equally relaxed about shopping him round because he's got other options.
I get the sense Flo's got an ego but if Arteta saw a clear path for him in this squad, this season, he wouldn't be on the market.