Having previously struggled to agree a deal for Camara, Chelsea made a breakthrough when reports claimed Everton’s move for Balogun was in doubt.
Sources in France had stated Monaco needed to make a major sale this summer and preferred to sell Balogun. A source at the Ligue 1 club had previously indicated it would take a “substantial fee” to secure Camara’s departure.
Camara featured in Monaco’s 2-0 win over Marseille on Sunday evening, while Balogun was left out of the squad.
Yet, when doubts emerged over Balogun’s proposed move, Monaco’s asking price for Camara appeared to fall, making a move to Chelsea more achievable at £47m.
Once Balogun’s transfer appeared to be back on track, Monaco appeared to renege on their decision to sell Camara.
BBC Sport has contacted Monaco for comment.