Three months after Julian Alvarez told Mikel Arteta he was waiting for Barcelona, the Argentina international is reportedly ready to listen to Arsenal again.
The report, sourced to Spanish football journalist Guillem Balague and first carried by TEAMtalk, points to a clear change of heart from the 26-year-old.
“Álvarez now wants to join Arsenal and is seriously considering a January move to the Emirates.”
He has not started a single La Liga match for Atletico Madrid this season under Diego Simeone, and his camp has reportedly accepted that only a handful of clubs can match his ambitions if he leaves.
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Barcelona’s door has closed
Alvarez spent the summer waiting for Barcelona. The Catalans tabled around €100m, an offer Atletico rejected outright, and he opted to stay in Madrid rather than pivot to Arsenal, who had been prepared to make him their most expensive signing ever at €150m.
Since then, the picture has flipped. Barcelona’s interest has cooled as the club chases Erling Haaland, with the Norwegian said to favour a move to Spain. If that pursuit lands, the Camp Nou path is shut for Alvarez.
Arsenal’s offer and the swap pieces
Arsenal are prepared to pay more than £100m, with any deal likely to involve a player going the other way. Three names have been floated: winger Noni Madueke, striker Viktor Gyokeres, and midfielder Ethan Nwaneri, who is currently on loan at Borussia Dortmund.
Arteta reportedly views Alvarez as the ideal centre-forward for his system. The Argentine joined Atletico from Manchester City in August 2024 for £81m and has scored 49 goals in 110 appearances across all competitions, though his role under Simeone this season has shrunk sharply.
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No club has confirmed anything
None of this has been confirmed by Atletico, Arsenal or Alvarez himself. No formal January bid has been reported, and transfer specialist Fabrizio Romano has not corroborated the shift in stance.
The January transfer window opens on 1 January 2027.
