Arsenal Chase Julian Alvarez as £128m Transfer Saga Reaches Its Final Week

Arsenal are the only club Atletico Madrid will sell Julian Alvarez to — but the striker they want would rather be almost anywhere else. With the transfer deadline on 1 September, the Premier League champions face a race to convince a player whose heart is set on Barcelona.

The BBC reports that Atletico are adamant they will not sell Alvarez to their LaLiga rivals. In May, they went as far as posting social media messages mocking Barcelona's pursuit of the Argentine forward, who publicly asked for a move away from the Metropolitano and saw Barcelona openly express interest, according to Reuters. That hostility leaves Arsenal's Emirates Stadium as the only exit route.

Atletico's director, Mateu Alemany, met Arsenal officials in London last week and made clear the asking price: €150m (£128m), per the BBC. Arsenal are confident they can finance the deal and complete it quickly if Alvarez agrees. The financial side is not the sticking point. The player is.

Alvarez has shown little willingness to join Arsenal, the BBC reports. His reluctance is not about Arsenal themselves but about a long-held dream of wearing Barcelona's colours. There is also a practical concern: UK visa regulations would make it difficult for his family to visit him in England. Alvarez previously played in the Premier League for Manchester City before joining Atletico in 2024.

Atletico's pursuit of Chelsea's Nicolas Jackson could open the door for Arsenal, according to Football London, potentially giving Atletico a replacement and softening their stance on a sale.

There has been a slight softening of Alvarez's position in recent days, according to well-placed BBC sources, though not enough to get Arsenal excited. Yahoo Sports reported on 21 August that Alvarez is open to joining the club despite holding significant reservations about returning to England. Those close to the player tell the BBC he does want to leave Atletico, and if he does, Arsenal appear to be his only option.

Arsenal only stepped up their pursuit of Alvarez after Vinicius Jr extended his contract to stay in Spain, the BBC reports. Before that, Arsenal had focused on signing Bruno Guimaraes and Ezri Konsa while attempting to bring Vinicius to London.

Mikel Arteta is said to be comfortable with the idea that Alvarez might join only because Barcelona was not possible. The Arsenal manager believes the striker would eventually become fully invested.

This is a saga that has been simmering for months. Alvarez scored twice in a 4-1 LaLiga win over Real Betis on 18 May 2025 amid the standoff, per Reuters, but was later whistled by Atletico fans on his return to the stadium, according to The Athletic. Reuters reported in August that Atletico coach Diego Simeone planned to bench Alvarez amid the continued uncertainty.

For Arsenal, the equation is stark. They have the money, the selling club is willing, and the manager is ready to welcome a player who may need time to feel at home. What they do not have yet is a yes from the man at the centre of it all.