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Barcelona have been the central figures in the heavily-scrutinized Julián Alvarez transfer saga, but Arsenal are reportedly still in the picture for the sought-after Argentine forward, quietly waiting in the wings for the right moment to make their move.
According to Sky Sports Italy, Arsenal have held preliminary discussions with Atlético Madrid regarding a potential deal that would bring Alvarez to north London. The talks have yet to evolve into formal negotiations, but the report notes that "communication lines remain open" between the two clubs.
Alvarez has made little effort to hide that Barcelona is his "dream" destination, even going public during the World Cup to suggest that all parties would benefit from him departing Atlético this summer.
Nevertheless, Arsenal appear to be playing the waiting game, allowing the chaotic transfer saga to play out while keeping a close eye on developments in case any significant twist works in their favor.
Could Arsenal Really Sign Julian Alvarez?
Barcelona remain the frontrunners to secure Alvarez should the striker depart Atlético Madrid, but it's no secret that a move to the Catalan club is far from certain before the summer window closes.
Atléti have no desire to sell Alvarez under normal circumstances, but having already rejected Barcelona's opening offer, clashed with the Catalans on social media, and filed legal complaints against the La Liga champions, it's evident that the prospect of Alvarez joining Barcelona represents the worst possible scenario for the Madrid club.
Should Atléti relent on the striker's transfer request, they may be more willing to facilitate his departure to a club outside of Spain — and that's where Arsenal come in.
Current Arsenal sporting director Andrea Berta previously held the same role at Atlético Madrid before his move to the Emirates. Berta was still at Atléti when Alvarez made the switch from Manchester City to join Diego Simeone's squad in the summer of 2024.
Barcelona president Joan Laporta recently confirmed their original offer remains on the table should Atléti reconsider — and further reports indicate the Catalans could table an improved bid after the World Cup. That said, Laporta also made clear that Barcelona's pursuit isn't "unlimited" and the club may eventually lose patience and turn their attention elsewhere.
Should Barcelona abandon their chase for Alvarez, Arsenal could emerge as the primary contender in the race for his signature.
Arsenal's Alvarez Interest Hints At Willingness to Spend Big
Whether Arsenal's interest in Alvarez develops into a serious pursuit remains to be seen, but what is crystal clear is that following their first Premier League title triumph in over two decades, a blockbuster signing from the Gunners this summer feels more like a question of when and who, rather than if.
Piero Hincapié and backup goalkeeper Illan Meslier are the only two confirmed arrivals for Arsenal at this stage of the transfer window. Following Leandro Trossard's permanent departure to Beşiktaş, Club Brugge winger Christos Tzolis could be next through the door as his replacement.
Some of these deals — Hincapié's in particular — are solid additions, but none qualify as headline signings. A potential move for Newcastle United's Bruno Guimarães appears to have stalled, and there have been no fresh updates on Arsenal's reported interest in Morgan Rogers or Bradley Barcola.
Arsenal may well be holding off until the Alvarez situation becomes clearer, but the Gunners being linked with the Argentine alongside several other top-tier talents sends a strong message of intent: the Premier League champions are ready to invest heavily to retain their crown.
Having spent close to $400 million (£291 million) on transfers last summer, Arsenal's transfer budget remains far from depleted. Their outlay this window may not surpass last year's figures, but a significant investment in a world-class talent looks increasingly probable.
Alvarez may well be the man to fit that profile, but even if Arsenal fail to land the Argentine, their readiness to spend big could see them pivot to another attacking option equally deserving of a major financial commitment.