Arsenal failed in their pursuit of Real Madrid star Vinicius Junior.
The Gunners still hope to make a marquee forward addition before the end of the transfer window.
According to ESPN, Arsenal are ready to submit an offer for Julian Alvarez if they receive encouragement from either the striker or Atletico Madrid that a deal can be done.
Alvarez hasn’t hidden his desire to join Barcelona, but Atletico have strongly resisted the idea of selling their best player to a direct rival.
The 26-year-old is flattered by interest from Arsenal but doesn’t want a return to England.
It remains to be seen if Alvarez changes his mind over the coming days.
However, Arsenal look to have been given some encouragement from Atletico.
The Madrid club firmly maintained they wouldn’t entertain offers for Alvarez, but they have softened their stance recently.
Spanish outlet Relevo reports Atletico could sanction a sale if they receive an offer of at least €150 million.
Alvarez is an elite forward who has previously played in the Premier League with Manchester City.
He scored 36 goals and provided 19 assists in 103 appearances for the Citizens.
Alvarez has further enhanced his reputation as a top attacker since joining Atletico in 2024.
The Argentina international has made 66 direct goal contributions in 107 matches for the Rojiblancos.
Stats from Transfermarkt
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