Atletico Madrid's president Enrique Cerezo has shut down transfer interest in star forward Julian Alvarez.
Cerezo has stated the Argentine will remain in the capital, not elsewhere in LaLiga or the Premier League, ahead of their quarter-final second-leg tie against Barcelona.
Alvarez scored in the first-leg of the Champions League quarter final against Barcelona
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Alvarez scored in the first-leg of the Champions League quarter final against BarcelonaCredit: Getty
In January, talkSPORT understood that Arsenal were interested and held talks with the former Manchester City star.
At the time, reports suggested Atleti were prepared to sell Alvarez to the current Premier League leaders for €100million (£86m).
The Gunners sporting director Andrea Berta previously negotiated the World Cup winner's move from City to Atletico.
Barcelona have also made the striker one of their top targets for the summer after his standout season, in which he has scored 17 goals and provided nine assists in all competitions.
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The Catalan team has targeted Alvarez to boost the squads attacking line-up but financial issues could interfere with the move.
The Argentine has a contract to stay at the Metropolitano until 2030 and reports suggest he could cost a fee of up to €200m (£175m).
They also imply that Barcelona's initial move for a loan deal including a fee would also be instantly rejected.
Cerezo responded to the rumours with an analogy and said: "Can you guarantee that you are not going to die between now and the end of the year?
"If a player has a contract with a team and he has many years of contract left with that team, then you tell me what can happen.
"I'll tell you in three words... Julian has a contract."
Viktor Gyokeres celebrates his goal against Everton
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Arsenal spent around £250million in the January transfer window on additions like Gyokeres, Noni Madueke and Eberechi EzeCredit: Getty
During his time in England, Alvarez found the back of the net 20 times in 67 appearances.
To add to tensions, if both Atleti and Arsenal win their second-leg ties in the Champions League, they will face each other in the semi-finals.
Kai Havertz was able to convert an injury-time winner against Sporting Lisbon on Tuesday night.
However, the German striker missed the first half of the season through injury and has yet to score in the Premier League for the Gunners in 2025/26.
Victor Gyokeres, the Gunners other striker, has scored 16 goals across all competitions since joining in the summer.
The Swede has the opportunity to end his old side's European run, with this being Sporting's first time reaching this stage of the competition in the Champions League era.
Barcelona are 2-0 down on aggregate and will play away at Atletico in the second leg
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Barcelona are 2-0 down on aggregate and will play away at Atletico in the second legCredit: Getty
Arsenal have never won a European trophy and domestically have not lifted silverware since the FA Cup in 2020.
Mikel Arteta previously suggested he wanted to be active in the winter transfer window and said: "The window is there and I mean we are Arsenal and we have to be looking at it, 'Okay, what do we need?'
"And we have to be actively looking and then, whether we can do it or not, that's a different story."
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Arsenal did not sign anyone in the January transfer window, but will be hoping to add more squad depth in the near future.
The Gunners only have two competitions to focus on now after they lost the Carabao Cup final to Man City and were knocked out of the FA Cup in the quarter-finals by Championship side Southampton.