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Arsenal Transfer News Today: Ethan Nwaneri threat as swap deal prepared

20 May 2026 19:04 BST | 5 min read

Ethan Nwaneri, Arsenal TNT

Tom Weber

Tom Weber | Writer

Multilingual sports writer who specialises in European football and American soccer.

All the latest Arsenal transfer news in one place, including updates on Ethan Nwaneri, Julian Alvarez and Sandro Tonali.

Dortmund still keen on Nwaneri

Borussia Dortmund remain interested in Arsenal youngster Ethan Nwaneri, according to Sky Germany.

The Bundesliga giants already expressed an interest in Nwaneri last summer and were reportedly close to reaching an agreement on terms with the wonderkid, but he ended up staying at Arsenal and signing a new contract.

The fact that he now faces an uncertain future at the Emirates after a disappointing loan spell at Marseille has attracted the attention of Dortmund again, who are exploring various attacking options. They have cooled their interest in Jadon Sancho after deciding to stick with their current tactical setup without traditional wingers.

Despite the fresh interest in Nwaneri, the report acknowledges that a deal appears unlikely at this stage. Arsenal's price tag is believed to be out of reach for Dortmund, and a second loan is said to be off the table for now.

Alvarez swap deal?

Julian Alvarez

Atletico Madrid are open to a player-plus-cash deal for Julian Alvarez this summer, TEAMtalk claims.

The Spanish giants have slapped a prohibitive €150 million price tag on the Argentina international, but Atleti may have to soften their stance because Alvarez is said to be keen to leave the club. Arsenal, Barcelona and PSG dream of signing him.

Recent reports have suggested that Barcelona have withdrawn from the race to sign Alvarez because of his cost, while the striker is understood to be keen to join PSG. It is now claimed that both Arsenal and PSG could be offered the chance to secure a cheaper deal for the 26-year-old.

Atleti would be willing to consider lowering their asking price if offered a player in return, and both clubs have stars that are of interest to the Spanish capital club. PSG could include Goncalo Ramos in a deal for Alvarez, while Arsenal could sacrifice Gabriel Martinelli.

Tonali not as expensive as initially thought?

The conflicting reporting on Newcastle midfielder Sandro Tonali continues, with Tutto Juve now stating that the Italy international could be sold for just €80m this summer.

Recent reports have suggested that the Magpies will not consider offers below €115m, but it is now stated that he could be cheaper than that. Either way, Newcastle would prefer not to sell their star midfielder.

Juventus have ended their pursuit of Tonali because he is simply too expensive, but Arsenal and Man Utd remain in the race and are the frontrunners for his signature. Both have held talks with his camp over the conditions of a potential deal.

Newcastle expect some "big bids" for the 26-year-old this summer. If they have to sell, then the best-case scenario would be a bidding war between Arsenal and Man Utd.

Sandro Tonali

Livramento extension talks

Newcastle are in discussions with Tino Livramento over a new contract, as per Lee Ryder.

The England full-back is a target for both Arsenal and Man City, but it appears that his consistent injury problems have seen suitors cool their interest, which has allowed Newcastle to seize the opportunity and hold discussions over an extension.

With the club braced for the potential departures of Tonali and Anthony Gordon, Newcastle are adamant that they will not also lose Livramento and fellow full-back Lewis Hall, who has been linked with Man Utd.