Balogun became eligible for an extension having fulfilled a part of his contract that requires him to play a specific number of games.
The 32-year-old centre-half signed a one year contract with the Steven Gerrard tutored side in July 2020 having parted ways with Wigan Athletic.
Several reports have indicated that Balogun will pen the new deal on his return to Scotland after the international break during which he helped the Super Eagles to victories against Benin Republic and Lesotho.
Balogun has made 19 league appearances -four off the bench- for the Gers and nine more in other competitions to take his season tally to 28.
SunSport reported that Balogun needed 23 starts to trigger a one-year extension, a feat he achieved in the Europa League match against Slavia Prague of Czech Republic back in March.
The one half of the famous Oyinbo Wall was instrumental as Rangers ended a 10-year wait to win the Scottish Premier League title this season.