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While reports suggest that Julián Alvarez has already informed Mikel Arteta of his disinterest in joining Arsenal, fresh links have surfaced connecting the World Cup finalist with his former club Manchester City.
Alvarez has been the unwilling centerpiece of this summer's transfer activity. After publicly announcing his desire to leave Atlético Madrid to "fulfill my dream" during the World Cup, the Spanish capital club has made it their priority to block any potential move to Barcelona, the striker's obvious preference.
There have been polite offers from Real Madrid and vague interest from Paris Saint-Germain, alongside public tensions between Atlético and Barça. The Madrid faithful have turned on Alvarez, who has appeared disengaged during a distracted opening to the new La Liga campaign.
Following Atlético's public stance, it had seemed that Alvarez's future was narrowed to two options: remain and mend his relationship with supporters at the Metropolitano or move to Arsenal. Now, a third possibility has reportedly entered the picture.
Do Wild Man City Links Make Any Sense?
Surprisingly, MARCA have reported that Manchester City have opened the door to a potential move for Alvarez, the Argentine attacker who claimed six trophies across two seasons at the Etihad between 2022–24 before being sold to Atlético.
Spotting an opportunistic window during this impasse, City have reportedly floated the idea of bringing Alvarez back on loan. The dynamic forward originally departed Manchester in pursuit of more regular playing time. Erling Haaland remains the club's undisputed first-choice striker, but Enzo Maresca is a tactically versatile enough manager to deploy both forwards together, especially within a squad now missing the Tottenham Hotspur-bound pair of Sávio and Omar Marmoush. Given the intense hostility Alvarez faces at Atlético — from both the boardroom and the terraces — a return to a club where he thrived could prove appealing.
However, there are significant obstacles to navigate.
Atlético are believed to be firm on receiving $174.2 million (£128.5 million, €150 million) for their leading scorer, rather than accepting a modest loan fee with no assurance of a permanent transfer. Arsenal are reportedly open to a direct club-to-club agreement, yet Alvarez's reservations about English football remain a stumbling block that would equally affect City's pursuit.
Alvarez's Reported Conversation With Mikel Arteta
For most players, Arsenal would represent an attractive destination. The reigning Premier League champions and recent Champions League finalists have cemented their standing as one of the world's elite clubs in one of the globe's most celebrated cities. Mikel Arteta oversees a squad collectively in their peak years, driven by a 'win now' mentality reflected in their performances.
Yet, it appears the move holds little appeal for Alvarez.
The former City striker reportedly conveyed this directly to Arsenal manager Mikel Arteta, according to The Athletic's transfer correspondent David Ornstein. While the possibility of a change of mind has been raised, it has been reported that Alvarez told the Arsenal boss he "doesn't want to come," with the likelihood of a deal being described as having a "low chance" of materializing.
If Arsenal are ruled out and Atlético remain unwilling to negotiate with either City or Barcelona, Alvarez's choices are reduced to just one uncomfortable reality: facing the situation head-on in Madrid.