Arsenal have been handed a major boost in their interest in Atletico Madrid striker Julian Alvarez as the La Liga club make a key announcement
14:03, 02 Feb 2026Updated 14:05, 02 Feb 2026
MADRID, SPAIN - JANUARY 28: Julián Alvarez of Atletico de Madrid reacts during the UEFA Champions League 2025/26 League Phase MD8 match between Atletico de Madrid and FK Bodo/Glimt at Estadio Metropolitano on January 28, 2026 in Madrid, Spain. (Photo by Angel Martinez/Getty Images)
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Julian Alvarez is a target for Arsenal(Image: Angel Martinez, Getty Images)
Arsenal could have a route to signing Atletico Madrid striker Julian Alvarez after news emerged that the Spanish giants are set to snap up Ademola Lookman.
Reports from last summer indicated that a potential swoop for the former Manchester City ace Alvarez was being considered. The Gunners have reportedly been keeping tabs on the 26-year-old in recent weeks and are contemplating a possible move at the end of the season.
Some reports have even hinted that Mikel Arteta's side might offer Gabriel Martinelli and Gabriel Jesus as part of a swap arrangement for Alvarez. Whilst that seems an unlikely scenario at present, there does appear to be genuine interest from the North London outfit.
LONDON, ENGLAND - OCTOBER 21: Julian Alvarez of Atletico Madrid during the UEFA Champions League 2025/26 League Phase MD3 match between Arsenal FC and Atletico de Madrid at Arsenal Stadium on October 21, 2025 in London, England. (Photo by Jacques Feeney/Offside/Offside via Getty Images)
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Arsenal are known admirers of Julian Alvarez(Image: Jacques Feeney/Offside, Offside via Getty Images)
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Any potential deal for the Argentinian likely won't come to fruition until the summer and is anticipated to be far from simple, with Atletico determined to keep hold of him. However, Arsenal may have been handed an opportunity after Atletico confirmed Lookman - a former Gunners target - is poised to join them in a £30million move from Atalanta. Spurs had also been monitoring the forward but have been beaten to his signature.
The Nigerian international operates mainly as a second striker but is capable of spearheading the attack, meaning he could provide Atletico with a ready-made replacement for the departure-linked star Alvarez.
Atletico Madrid also boast Alexander Sorloth in their ranks, with the Norwegian having scored seven goals - the same number of La Liga goals as Alvarez this campaign.
DUBLIN, IRELAND - MAY 22: Ademola Lookman of Atalanta BC looks on during the UEFA Europa League 2023/24 final match between Atalanta BC and Bayer 04 Leverkusen at Dublin Arena on May 22, 2024 in Dublin, Ireland. (Photo by Richard Heathcote/Getty Images)
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Ademola Lookman is set to join Atletico Madrid(Image: Richard Heathcote, Getty Images)
While landing a deal for Alvarez poses considerable obstacles, the addition of Lookman and Sorloth will certainly provide Atletico with some comfort should talks become essential for the ex-Manchester City striker.
According to ESPN, the Spanish outfit would reportedly ask for a fee of over £86million to even consider the prospect of a transfer. Fresh optimism surfaced last week when Gary Lineker revealed on the Rest is Football podcast that the Argentine was discontented in Madrid.
He said: "I saw they were linked with Julian Alvarez, who I know is not entirely happy with life at Atletico.. Now that is the sort of player you know can handle the big occasion – he's a World Cup winner for crying out loud.
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"Someone like that at Arsenal would be game over. But they do need one or two of these current forwards to start scoring on a reasonably regular basis."
Arsenal are also pursuing deadline day moves for Sandro Tonali and young Scottish duo James Wilson and Evan Mooney, from Hearts and St Mirren respectively.