The Julian Alvarez transfer saga has become one of the most contentious storylines of the summer window, and with the September 1 deadline approaching, a resolution may finally be near.
The Argentine World Cup winner's desire to leave Atletico Madrid for Barcelona has created a bitter standoff between player and club, culminating in Atletico's own supporters booing Alvarez during Sunday's 2-2 draw with Villarreal at the Riyadh Air Metropolitano Stadium — his first appearance since returning from the World Cup.
Atletico president Enrique Cerezo addressed the tension last week, expressing confidence that Alvarez could repair his standing with fans. "I don't know if he will say sorry, but Julian is an excellent person and I am absolutely sure that he will win over the fans in two games," Cerezo said. "I said he wouldn't be sold, he's our player and an important part of our team. We like that he's with us and think he will have a magnificent season."
Despite Atletico's firm stance, Arsenal have been quietly monitoring the situation throughout the summer, viewing Alvarez as their top target. However, the Gunners have largely held back from an aggressive pursuit, aware that the 26-year-old's heart was set on a move to Camp Nou.
Atletico have made their position on a sale to Barcelona unmistakably clear, even taking to social media in May to mock the rival club's interest. "Don't believe everything you see, especially if it's related to Barca," the club posted. "In recent months, we've been suffering a smear campaign against one of our players."
With Barcelona's pursuit seemingly blocked, Arsenal sense an opportunity. Sources indicate Alvarez's resistance to a move to north London may be softening slightly, though not yet enough to generate real optimism at the Emirates. His hesitation appears rooted not in any aversion to Arsenal specifically, but in the reluctance to abandon his Barcelona ambition. Additional complications include UK visa regulations that could make it difficult for his family to visit.
Arsenal manager Mikel Arteta and sporting director Andrea Berta have long regarded a deal as a long shot. Throughout the summer, the club prioritized other targets, including the signings of Bruno Guimaraes and Ezri Konsa, while also exploring a move for Real Madrid's Vinicius Jr. With the Brazilian committing his future to Real Madrid by signing a contract extension, Arsenal have reportedly intensified their efforts to land Alvarez.
Atletico director Mateu Alemany traveled to London last week for talks with Arsenal representatives, reportedly setting a asking price of 150 million euros (£128m). Arsenal are believed to be financially prepared to meet that valuation and could move quickly to complete a transfer should Alvarez give his approval.
Arteta reportedly understands that any move to Arsenal would represent a fallback option for Alvarez rather than his first choice, but is said to be comfortable with that dynamic, believing the striker would eventually fully commit to the project at the Emirates.
Alvarez joined Atletico from Manchester City for £81m in August 2024, following a £14.1m transfer from River Plate in Argentina. During his time at City, he won six major trophies, including the 2023 Treble, scoring 36 goals in 106 appearances. Since arriving at Atletico, he has netted 49 goals in 107 games but has yet to win a trophy with the club.
Tensions escalated further after Real Madrid claimed on June 9 that Atletico had rejected a 150 million euro offer for the striker, fueling suspicion within Alvarez's camp that the release clause agreement had been broken. His agent, Fernando Hidalgo, has publicly voiced frustration over how his client has been treated. Alvarez himself addressed his future during the World Cup, stating: "A transfer is the best option."
Barcelona remain interested but are reportedly beginning to explore alternatives, including Arsenal striker Viktor Gyokeres, amid doubts that Atletico's resistance is merely a negotiating tactic. Should the Catalan club shift their focus elsewhere, Alvarez may be forced to choose between Arsenal or remaining at Atletico for now.
Based on reporting from BBC Sport.