Arsenal now the only club in Julian Alvarez transfer race, Mikel Arteta might not sign him anyway

At a Glance:

• Arsenal remain interested in signing Julian Alvarez this summer.
• The player’s preference is Barcelona, although the Spanish club’s pursuit of the Argentine has stalled.
• This could leave the Gunners as the clear frontrunners for Alvarez’s signature.

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Arsenal may now be the only club pursuing a move for Atletico Madrid striker Julian Alvarez this summer, although a deal may still fail to materialise.

Alvarez enjoyed another outstanding season at the Wanda Metropolitano, scoring 20 goals and providing ten assists across all competitions for Diego Simeone’s team. However, Atleti’s disappointing campaign has prompted the Argentine to consider his future, sparking interest from a number of clubs throughout Europe.

Arsenal have been heavily linked with Alvarez, as have the likes of Paris Saint-Germain and Barcelona. A fresh update now suggests that the Gunners might have a better chance of landing the player’s signature than they first thought, although they’re still up against it in this specific transfer battle.

• READ MORE: Why Arsenal should sell Ethan Nwaneri this summer

Julian Alvarez to Barcelona stalls, giving Arsenal a chance

Arsenal’s sporting director, Andrea Berta, was the man to bring Alvarez to Madrid, signing him from Manchester City for around £82 million in the summer of 2024. It was believed in Gunners circles that Berta’s close connection with the player would serve the North London club well in their pursuit of the forward this summer, but this seemingly isn’t the case.

Reports have repeatedly suggested that Alvarez’s preference is to move to Barcelona, and this has presented Arsenal with a huge stumbling block. Convincing an Argentine to sign for an English club over the Catalan giants is always a tough task, and the finances involved in this prospective deal make it significantly more difficult to pull off.

That said, SER Deportivos report that Barcelona’s ‘Julian Alvarez operation’ has ‘absolutely stalled’. Despite the 26-year-old’s desire to sign for La Blaugrana, the La Liga club supposedly don’t have the finances to enact a deal, and thus, Alvarez’s wishes won’t be sufficient.

Reports emerged last month indicating that PSG are also monitoring Alvarez’s situation, ahead of a potential summer move. However, SER Deportivos suggest that Arsenal are now the sole suitors for the former Manchester City man, indicating that PSG’s interest was never concrete or has waned.

Regardless, the publication insist that Alvarez isn’t considering a move to the Emirates at this time. So, despite potentially being frontrunners to sign the talented number nine, Arsenal may not ultimately be able to land his signature due to his reluctance to swap the Spanish capital for North London.

🛑💼 La 'operación Julián Alvarez' con el Barça está "absolutamente estancada" y el Atleti ya planifica la próxima temporada con él

✖️ La única opción real es la del Arsenal, pero el futbolista no la contempla

🎙️ Informa @PedroFullanaSER https://t.co/wOxiJ6w0AB

— SER Deportivos (@SERDeportivos) June 5, 2026

Is spending £110 million on Julian Alvarez a smart idea for Arsenal?

While these reports might seem to diminish Arsenal’s hopes of signing Alvarez, the saga is almost certainly not over. Mikel Arteta has a track record of convincing players to get on board with the Gunners’ project, and as the summer goes on and Barcelona don’t move for Alvarez, it becomes more likely he is seduced by the Spanish manager.

However, there are question marks around whether spending a fee in the region of £110 million (the mooted price Atletico are demanding) on the striker is a smart allocation of resources. On the one hand, Arsenal are an outstanding defensive team, and the clear next step in terms of elevating their level involves adding a superstar attacker like Alvarez to their group.

Club	Matches	Goals	Assists
River Plate	122	54	31
Manchester City	103	36	19
Atletico Madrid	106	49	17
Argentina	51	14

On the other hand, this is a huge sum for a player whose output in the Premier League previously was very good but not elite. It could also be argued that the Gunners should instead prioritise a left wing addition, given they already have the likes of Kai Havertz and Viktor Gyokeres at their disposal.

Alvarez isn’t an out-and-out number nine, and Arteta doesn’t really deploy a second striker, meaning there also isn’t a clear role for the player in the Gunners boss’ team.

Ultimately, it’ll be an extremely difficult decision for Berta to make, if the opportunity does arise to sign Alvarez.