The Premier League's summer transfer window reaches its conclusion on Tuesday, with two blockbuster sagas dominating the final hours before the 11pm deadline: Arsenal's pursuit of Julian Alvarez and Manchester City's attempt to prise Enzo Fernandez away from Chelsea.
Arsenal have spent much of the window chasing the Atletico Madrid forward but appear to be running out of road. The Gunners have already sold Gabriel Martinelli, who is bound for Saudi Arabia, and Gabriel Jesus, who has agreed to join Barcelona, along with Fabio Vieira, in deals collectively worth more than £70m, partly to create space and funds for Alvarez. However, Atletico are holding firm on their reported €150m valuation, and the Argentine has consistently made clear that Barcelona remains his preferred destination.
Manager Mikel Arteta reportedly held discussions with Alvarez last week in a bid to change his mind, but with time running short, Arsenal have turned their attention to alternatives. Lyon winger Malick Fofana, a player the club have monitored for over a year, has emerged as a serious late option after being offered to Arsenal by intermediaries. Sources indicate the 21-year-old would be open to a move to the Premier League champions, though there is reportedly a lack of unanimous backing internally for the deal, leaving Arsenal's stance unresolved. Complicating matters further, Atletico have reached an agreement with Juventus over a loan move for Jonathan David, which Arsenal will hope softens Atletico's resistance to letting Alvarez leave.
Across London, Chelsea's saga involving Fernandez continues to build toward a resolution. Manchester City have opened formal talks with Chelsea, and reports from Sky Germany suggest personal terms have already been agreed with the midfielder, who is now waiting for clearance to undergo a medical. Chelsea are said to be demanding a fee north of £120m, with suggestions any completed transfer could eventually be worth in excess of £100m.
Fernandez's situation at Stamford Bridge has grown increasingly awkward. He was omitted from Chelsea's squad for their 4-3 win over Brighton and has reportedly been jeered by sections of his own supporters this season. Manager Enzo Maresca is understood to be keen on a reunion with the player at City, though Chelsea will be reluctant to sanction his exit without lining up a replacement, with Monaco's Lamine Camara, Roma's Manu Kone and Bournemouth's Alex Scott all under consideration.
Elsewhere, City have also agreed a deal worth up to £65m to sign Iliman Ndiaye from Everton, hijacking a move that Tottenham believed they had all but secured. Ndiaye is expected to undergo a medical with City, whose spending this summer has already surpassed £300m following big-money deals for Elliot Anderson and Ayyoub Bouaddi. The move leaves Spurs searching for a left-sided attacker, and they have reportedly opened discussions with Chelsea over a possible loan for Mykhailo Mudryk, while also registering interest in AC Milan's Christian Pulisic and Eintracht Frankfurt forward Jean-Matteo Bahoya.
Everton, meanwhile, could use the Ndiaye funds to strengthen elsewhere, with reports linking them to a reunion with Jack Grealish on loan from City, as well as moves for Fulham's Kenny Tete and Monaco striker Folarin Balogun.
Manchester United remain without a new left-back with the clock ticking, though a move for Barcelona's Alejandro Balde has been mentioned. The club may instead focus on departures, including Joshua Zirkzee, Harry Amass and Mason Mount. Liverpool's business appears largely completed after adding Bradley Barcola and rejecting City's approach for Cody Gakpo, while also turning down a £25m plus £5m bid from Nottingham Forest for midfielder Trey Nyoni.
Based on reporting from standard-football and independent-football.