Arsenal's Pursuit of Julián Álvarez Amidst Major Departures

Arsenal are racing the clock to land Julián Álvarez from Atlético Madrid, with more than £70m already banked from the impending exits of Gabriel Martinelli, Gabriel Jesus and Fábio Vieira – and still no green light from the Argentine.

Álvarez has made his preference brutally clear. He wants Barcelona. He returned to Atlético training on Sunday after being left out of the squad for the win over Sevilla, and those close to the situation say his stance has not shifted despite Atlético’s refusal to sell to a direct La Liga rival.

Mikel Arteta has tried to change that. The Arsenal manager is understood to have spoken directly to Álvarez last week, pitching a Premier League return and a central role in his attack. The response was blunt: Barcelona or nothing.

The twist? Barcelona have already struck a deal for another Arsenal forward. The Spanish champions have agreed an £8.6m fee for Jesus, who is into the final year of his contract and has slipped behind Kai Havertz and Viktor Gyökeres in Arteta’s hierarchy. Jesus heads out just as Ferran Torres leaves for Paris Saint‑Germain, and Barcelona, still short in attack, are not believed to have abandoned the idea of adding Álvarez as well.

Atlético, though, are digging in. They have lined up Jonathan David from Juventus on an initial loan with an option to buy next summer, yet remain determined to keep Álvarez, who only arrived from Manchester City in 2024. From their side, David is cover, not a replacement.

Arsenal, meanwhile, are stuck in an awkward middle ground: hopeful, but preparing for rejection. They continue to monitor alternative forwards. Everton’s Iliman Ndiaye featured on their shortlist, but Tottenham are now in advanced talks over a £60m move for the Senegal international. Morgan Rogers slipped through their fingers to Chelsea. An ambitious push for Vinícius Júnior went nowhere, the Brazil star instead signing a contract extension at Real Madrid.

So Arsenal pivot again. Christos Tzolis has come in to take over from Leandro Trossard on the left, yet Martinelli’s looming departure leaves a much bigger hole. The Brazilian is set to join Al‑Hilal in a club‑record £56m sale, with a medical scheduled for Monday after he was omitted from the squad for the opening‑weekend win over Coventry. He struck six times in the Champions League last season but only once in the Premier League; still, his fee smashes the £40m Liverpool paid for Alex Oxlade‑Chamberlain in 2017.

Eberechi Eze offers another option off the left, giving Arteta some tactical flexibility, but the plan had been clear: cash in on Martinelli and Jesus, reshape the attack around a new marquee forward, and push the squad into a new cycle.

Vieira is also heading for the exit. The midfielder, who spent last season on loan at Hamburg, is poised to make that move permanent for £8.6m, trimming more depth from Arsenal’s creative ranks.

The money is there. The spaces in the squad are opening up. Arsenal have made their pitch.

Now they wait to see if Álvarez will tear up his Barcelona dream – or force them back into the market with the season already rolling.