Julian Alvarez is on Arsenal's shopping list ahead of the summer transfer window but the Gunners will have to fend off two clubs in the race to sign the ex-Manchester City star
JEDDAH, SAUDI ARABIA - JANUARY 08: Julian Alvarez of Atletico de Madrid looks on during the Spanish Super Cup Semi-Final match between Real Madrid and Atletico Madrid at King Abdullah Sports City Hall Stadium on January 08, 2026 in Jeddah, Saudi Arabia. (Photo by Yasser Bakhsh/Getty Images)
Julian Alvarez's services are in high demand(Image: Yasser Bakhsh/Getty Images)
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Arsenal have got competition in the race to sign Julian Alvarez, as London rivals Chelsea have entered the fray alongside long-time admirers Barcelona. Alvarez, 26, emerged as a target for Arsenal last month, with Emirates chiefs exploring the conditions of a move from Atletico Madrid.
The forward is hot property, having enjoyed an excellent first season with Atletico last term. Alvarez bagged 29 goals in all competitions to show what Manchester City were they were missing, although he's currently going through a lean spell, having not scored in La Liga since the start of November.
Atletico would demand more than the €95million (£82m) which they paid City for the Argentina international in 2024. Spanish publication Sport have spelled out who's interested in Alvarez.
It's claimed that Arsenal and Chelsea are both pushing hard for the 26-year-old. His agent, Fernando Hidalgo, recently travelled to the UK and could've met with both London clubs.
Arsenal and Chelsea would both be prepared to break the bank, it's also reported. As things stand, Barca would be Alvarez's preferred destination, although he's aware of their financial troubles.
Barcelona must decide whether to invest in a new striker, with Robert Lewandowski's contract due to expire at the end this season. It's added that Barca aren't willing to match Atletico's starting price of €100m (£87m).
Arsenal may have a trump card, though, as their sporting director, Andrea Berta, was in the same role with Atletico when they signed Alvarez. The Gunners bolstered their attack in the summer with the signings of Viktor Gyokeres, Noni Madueke and Eberechi Eze, but they're willing to add others this summer amid reports that Gabriel Martinelli and Leandro Trossard could be sold.
MADRID, SPAIN - JANUARY 28: Julian Alvarez of Atletico de Madrid reacts to a missed chance 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 Diego Souto/Getty Images)
Julian Alvarez hasn't scored in La Liga for three months(Image: Diego Souto/Getty Images)
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In October, Alvarez said that he was 'very calm' amid speculation over his future. "People always talk," the Argentine told ESPN.
"Last year, there was a lot of talk as well, but the season is just starting and my focus is on getting better every day, doing my best for the club, helping my team-mates and winning here."
Alvarez will be back in action on Thursday, as Atletico travel to Real Betis for a Copa del Rey quarter-final clash. Diego Simeone's side are third in the La Liga table, while they'll face Club Brugge in the Champions League play-offs later this month.