Italy international Scamacca wants to ensure he is a regular starter next season after struggling in his first year in the Premier League.
The 24-year-old is open to a return to Serie A, but West Ham have not ruled out keeping the player, despite his underwhelming opening campaign in English football.
Balogun remains Inter’s first-choice target after abandoning a £35million deal for Chelsea’s Romelu Lukaku after it was discovered he had been in simultaneous talks with rivals Juventus.
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Arsenal know Inter are willing to spend big on a striker this summer, but not enough to meet the asking price.
The presence of buy-back or sell-on clauses in any deal could reduce the fee, but Scamacca has questioned a possible move should negotiations for Balogun collapse.
Roma are also interested in Scamacca, but West Ham are increasingly reluctant to accept loan interest for the striker, who has four years left on his contract after joining from Sassuolo for £35.5m free.
Side effect: Demands for Arsenal’s Folarin Balogun could bring Inter to Gianluca Scamacca
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The Hammers are also close to making their first signing of the summer, with a £14m move for Manchester City winger Carlos Borges nearing completion.
The 19-year-old is regarded as one of the most talented players in the English academy system but is struggling to break into Pep Guardiola’s treble-winning side.
West Ham are keen to sign a midfielder to replace Arsenal’s £105million signing Declan Rice and are interested in Joao Palhinha, James Ward-Prowse, Conor Gallagher and Denis Zakaria.