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Arsenal bid €120m for Julian Alvarez

Updated: 29 May 2026 06:42 BST | 5 min read

Julian Alvarez, Arsenal

Robin Bairner

Robin Bairner | Chief Editor

Accredited football journalist and editor covering the game since 2006

Arsenal have had a formal bid of €120 million for Atletico Madrid striker Julian Alvarez rejected, according to reports in Spain, which detail the latest on the Argentine’s potential move to Barcelona.

Alvarez finds himself in the middle of a three-way battle between Barca, PSG and the Gunners as the opening of the transfer window looms.

La Liga’s champions are attempting to beat their rivals by launching a rapid bid for the former Manchester City player in the wake of striking a deal to sign Anthony Gordon from Newcastle – another attacker who was being tracked by Arsenal.

Julian Alvarez to Arsenal: What’s the latest?

Arsenal have tried to sign Julian Alvarez, El Desmarque reports, however they made their big-money approach to Atletico Madrid during the Club World Cup last summer. Mikel Arteta’s side offered €120m to sign the player, but this was knocked back by Atleti.

Subsequently, PSG offered to sign Alvarez during the January transfer window but were told he was not for sale.

Barcelona also made a previous attempt to sign him for just €70m, throwing Ferran Torres into the deal, but this was also rejected by the Madrid side.

“This is 100% verified information,” journalist Ruben Uria states.

Julian Alvarez, Atletico Madrid

So what’s the current situation between Barcelona and Alvarez?

“I can assure you that there is no official offer on the table from Atlético de Madrid. None whatsoever. Not from Barcelona, not from Paris Saint-Germain, not from Arsenal. Zero,” Uria claims to the contrary of many reports from Thursday, which variously state that Barcelona have made an offer in the region of €100m.

Could Alvarez still move to Arsenal?

Alvarez has told Atletico Madrid that he wants to leave in the summer, and while he seems to hold a preference for Barcelona, Arsenal should not be considered out of the picture.

Indeed, much depends on how much they really want to sign him.

FootballTransfers revealed earlier this month that Arsenal’s intention is to make a move for the 26-year-old and use him primarily on the left of the attack. This would allow him to fit together in the same team as Viktor Gyokeres. Instead, he would replace either Gabriel Martinelli or Leandro Trossard on the wing while also providing a different profile of centre-forward to the Sweden star when circumstances call for it.

With Alvarez, who has an Estimated Transfer Value (ETV) of €111m, having already told Atletico Madrid that he has no intention of signing a contract with them, the race is on.

Barcelona are acting first, surprising their rivals both with the speed and size of their attack. Now it is up to Arsenal to respond. A repeat of last summer’s €120m offer may just do the trick.