Arsenal have yet to strengthen a squad that is competing to achieve the unprecedented quadruple in English football
Fasika Zelealem Senior Sports Reporter
18:00, 22 Jan 2026
Julian Alvarez of Atletico Madrid.
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Julian Alvarez is a hot commodity in the transfer market(Image: Natalia Garcia/GocherImagery/Future Publishing via Getty Images)
Arsenal supporters are savouring the moment following their impressive displays in both the Champions League and Premier League this campaign. Yet the club might just be planning ahead with their transfer strategy.
A commanding 3-1 victory away to Inter Milan on Wednesday extended Mikel Arteta's side's perfect record to seven wins from seven matches, securing their place in the knockout stages.
Their remarkable run has vindicated last summer's £250million spending spree, even though their most expensive acquisitions, Viktor Gyokeres and Eberechi Eze, have yet to hit their stride consistently.
Nevertheless, Arsenal have historically faltered at critical junctures, so Arteta will undoubtedly be working tirelessly to ensure past mistakes aren't repeated this term. Beyond on-field matters, there remains scope for the north London outfit to conduct transfer business. Here, we examine the latest speculation and reports surrounding the Gunners.
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Julian Alvarez links
Whilst Arteta boasts an abundance of attacking talent at his fingertips, persistent speculation continues to link the Spanish manager with a summer move for Atletico Madrid striker Julian Alvarez. Arsenal were reportedly eyeing a move for former Manchester City forward before they shelled out £63million on Gyokeres.
However, the Swedish striker has struggled to hit the mark, netting just five times in 20 league outings. David Ornstein of The Athletic has revealed how a move was discussed by the Gunners last summer before interest cooled. However, it was also hinted that the club could reignite their interest come the end of the season, dependant on any outgoings in Arteta's forward line.
Julian Alvarez of Atletico de Madrid celebrates a goal during the Spanish League, LaLiga EA Sports, football match played between Atletico de Madrid and Rayo Vallecano at Riyadh Air Metropolitano stadium on September 24, 2025, in Madrid, Spain.
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Julian Alvarez has long been linked with a move to the Emirates Stadium(Image: Irina R. Hipolito/Europa Press via Getty Images)
Arsenal are likely to face stiff competition for Alvarez, with Barcelona also reportedly keen on the player.
During his two-and-a-half-year stint with City, the World Cup winner bagged two Premier League titles and a Champions League trophy in the 2022/23 treble-winning season. Since moving to Atletico, Alvarez has found the back of the net 40 times in 85 appearances, though he is yet to clinch any silverware with the Spanish club.
Club president reveals £17m offer
Arsenal's recruitment strategy has been largely successful in recent seasons, and Crvena Zvezda midfielder Vasilije Kostov could be the next addition to their roster. The north London side, along with Borussia Dortmund, will have scouts present when the 17-year-old takes to the pitch against Malmo in the Europa League clash on Thursday evening.
Vasilije Kostov of FK Crvena Zvezda celebrates after scoring his team's first goal during the UEFA Europa League 2025/26 League Phase MD2 match between FC Porto and FK Crvena Zvezda
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Vasilije Kostov is reportedly of interest to Arsenal(Image: )
The teenager, already capped at senior level for Serbia, has earned comparisons to the likes of Pedri and Nicolo Barella due to his technical prowess and adaptability across various midfield roles.
In conversation with football.london, Crvena Zvezda General Director Zvezdan Terzic confirmed significant interest in the youngster, disclosing: "I can't talk about exactly who has called but we have already received an offer worth €20million (£17.45million) for him."
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When questioned about whether Kostov possesses the quality to succeed in English football's top flight, Terzic responded emphatically: "Of course but not just any team, he could play for one of the big six clubs."
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