Arsenal have submitted a proposal of €100 million plus a player from their squad in an attempt to open negotiations for Julian Alvarez, but Paris Saint-Germain are currently the highest bidder at €120 million plus two players, while Barcelona have submitted a formal €100 million cash offer that Atletico Madrid have publicly mocked in one of the most entertaining pieces of social media trolling the transfer window has ever produced.
Atletico have known since February that all three clubs were circling their striker. They have watched the interest build over months and on Friday, when Barcelona’s formal approach became public, they decided to make their feelings perfectly clear in the most Atletico Madrid way imaginable. The club posted a series of joke “transfer offers” on X, first offering four tickets to a Bad Bunny concert, an annual subscription to a Spanish newspaper and a bag of sunflower seeds in exchange for Lamine Yamal. Then a second offer for Pedri. Then a third for Raphinha, this time offering to loan Raphinha “with Tom Ford and Smith included, no option to buy.” A subsequent post from their official account read: “It took us five minutes to create this hoax. Don’t believe everything you see, especially if it’s related to FC Barcelona.”
The message from the Metropolitano was unmistakable. Arsenal, who face PSG in the Champions League final tomorrow, find themselves in a three-club race where they are currently neither the highest bidder nor the frontrunner in the player’s preferences, but are still very much at the table with a proposal that includes one of their own players as a sweetener.
The full transfer picture for Arsenal, Barcelona and PSG in the Julian Alvarez race
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The breakdown from the Spanish source is specific. Arsenal’s proposal is €100 million plus a player from their squad. PSG have gone further, putting €120 million plus two players on the table. Barcelona have submitted a formal offer of €100 million in cash.
Atlético de Madrid conoce desde febrero el interés de Barcelona, PSG y Arsenal por Julián Álvarez.
Arsenal hizo una propuesta para iniciar gestiones por 100 millones más un Jugadors de su plantilla.
PSG se mostró dispuesto a pagar 120 millones y ofertar dos jugadores.
Barcelona…
— Veronica Brunati (@verobrunati) May 29, 2026
Atletico have rejected all of them, with sources at the club telling ESPN they have not received any formal offer and expressing clear unhappiness at the Catalan club’s pursuit. Atletico want more, considerably more, with figures of up to €175 million cited as the level they consider appropriate for a striker under contract until 2030.
Fabrizio Romano has confirmed that Atletico are not intentioned to accept Barcelona’s valuation and that Alvarez’s camp has made clear the player wants to leave. Barcelona have also been told the player’s preference is to join them over PSG and Arsenal, which is the most deflating part of this update from an Arsenal perspective. We are offering the best structural deal arguably, including a player from our squad, and we are still third in the queue.
What Arsenal including a player in their Julian Alvarez bid tells us
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The inclusion of a player in Arsenal’s proposal is the most interesting detail from the user’s Spanish source. It suggests Arsenal recognise that a straight cash offer of €100 million alone is not going to be sufficient to move Atletico, and that they are trying to find creative ways to bridge the gap between what the clubs want. Whether that player is someone Atletico have specifically requested or simply a way of boosting the overall financial value of the deal is not clear, but it signals genuine intent from Arsenal’s side to get this done.
The challenge Arsenal face beyond the money is the player’s preference. Alvarez grew up idolising Lionel Messi at Barcelona. He left Manchester City to have more opportunities at Atletico and has spent two seasons proving himself at the highest level of La Liga. The chance to lead Barcelona’s attack, with Lamine Yamal and Raphinha around him, is a more narratively compelling destination than Arsenal can currently offer, regardless of the fact that we just won the Premier League and are one game from winning the Champions League.
Why the Atletico Madrid trolling of Barcelona is not entirely bad news for Arsenal
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There is an argument, admittedly an optimistic one, that Atletico’s very public mockery of Barcelona could complicate the relationship between the two clubs and make the Catalan side’s pursuit harder rather than easier. Atletico are furious. They feel they are being pressured into a sale they do not want, by a club they consider to be deliberately leaking information to create momentum. That anger has now spilled into the public domain in an unusual and direct way.
If Barcelona and Atletico’s relationship becomes too hostile for a deal to be done without significant legal and financial wrangling, the door opens for a more straightforward negotiation between Atletico and PSG, or potentially even Arsenal. For now, that remains a secondary scenario. But the Atletico trolling of Barcelona is not just entertainment. It is a sign of exactly how complicated this transfer is going to be before it is resolved.
Related Items:Atletico Madrid, Julian Alvarez, Latest Mikel Arteta News | Transfer News | Injury News and Update, PSG
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