It is the transfer story that refuses to go away. Julián Álvarez, the Argentine striker who scored against Arsenal in the Champions League semi-final just weeks ago, is at the centre of one of the summer’s most complex and compelling transfer sagas.
Arsenal have identified Álvarez as their number one striking target for the summer. The 26-year-old has been outstanding for Atlético Madrid this season, scoring 20 goals and contributing nine assists across all competitions since his €75m move from Manchester City in 2024. Mikel Arteta wants him. Arsenal’s new sporting director, Andrea Berta, wants him. And according to La Nacion, assistant manager Gabriel Heinze has been a key internal voice pushing for the deal.
Arsenal have already made their move. According to Media Foot, the Gunners have submitted an opening contract offer directly to Álvarez’s representatives. Talk about a deliberate strategy to secure the player’s agreement before approaching Atlético Madrid with a formal bid. TEAMtalk’s Graeme Bailey, who has been tracking this story since January, confirmed that Arsenal held discreet talks with intermediaries connected to Álvarez months ago and that their interest is serious. Multiple reports suggest Arsenal are prepared to sell Kai Havertz and Gabriel Jesus to fund the deal.
There is just one problem. Álvarez does not particularly want to come. Spanish outlet Cadena SER reports that the player is “not keen” on returning to England following his time at Manchester City, and that his preference, if he were to leave the Spanish capital, is to join FC Barcelona.
A second problem is that Atlético Madrid have no intention of selling. Sky Sports senior football news editor Lyall Thomas was unequivocal on that point, stating directly that the club has no interest in letting Álvarez go this summer regardless of who comes calling. Their asking price, depending on the source, ranges from €100m to €200m. Atlético are even preparing to offer Álvarez a new contract worth €10m per season to make him the club’s highest-paid player following Antoine Griezmann’s departure.
And yet the saga continues. Álvarez’s entourage is pushing hard for a move, according to Carrusel Deportivo. Atlético’s own directors suspect he wants out. Arsenal, flush with £122m in Champions League prize money and on the verge of becoming England’s richest club, is not going away.
