Arsenal may now have the upper hand in the race to sign Julian Alvarez, according to Spanish outlet AS, as speculation surrounding the striker's future continues to fly.
The former Manchester City ace has been the subject of interest from Barcelona for much of the year, a saga that became very public when Atletico Madrid hit out at their rivals on social media over reports in the media.
While the Blaugrana appeared most likely to sign the Argentina international, there was a twist in store as their rivals Real Madrid made a €150 million (£129.4 million) offer that was rejected.
That interest was made public with an official statement from Los Blancos, as their city rivals Atletico hit out on social media once again over the move.
While the war of words has continued, Arsenal appear to be lurking in the background for a potential deal, and could now have the advantage.
Julian Alvarez Transfer Latest
Julian Alvarez
Arsenal's interest in Alvarez is no surprise, but it perhaps hasn't been quite as advanced as that of Barcelona and, more recently, Real Madrid.
The Gunners have played more of a waiting game, which may now work in their favour, as AS reports that they remain the only club in the mix with both the money and the interest to seal a deal.
As it stands, Barcelona have no interest in budging from their highest offer of €100 million (£86.2 million), with focus potentially shifting to Chelsea star Joao Pedro as the next target.
Real Madrid, on the other hand, are set to move on from their pursuit of Alvarez after the latest offer, with the report from AS seemingly placing Arsenal as the most likely candidates to now sign the 26-year-old.
That said, it stresses that a move won't be easy, underlined by how ruthlessly Atletico Madrid have turned down recent offers for the star.
The Spanish club have repeatedly pointed towards a €500 million (£431.3 million) release clause as the only option for an exit, though GiveMeSport understands that certain Champions League clubs can trigger a move for around €150 million (£129.4 million), but with taxes on top.
It remains to be seen whether Arsenal would be willing to sanction such a deal, but the report from AS suggests that the funds and interest are certainly present to get a move over the line.
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Is Alvarez Worth €150 Million?
Julian AlvarezRodrigo Valle via Reuters
If Arsenal make a move for Alvarez at the price listed in his release clause, then it's a deal that could see the club match, and perhaps exceed, the most expensive signing in Premier League history - which was Alexander Isak to Liverpool last summer for an initial £125 million rising to £130 million.
While it would appear as though the Gunners may have the funds and want to continue building after securing the Premier League title last season, there are doubts over the value of such a move.
As Isak's move has proven, even the most certain of moves don't always work out as intended or expected, with the large transfer fee not always guaranteeing quality will translate.
Alvarez does have Premier League experience as well as versatility, though, and is capable of playing as a striker or in the wide left channel if required, making him an attractive option.
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The ex-City star scored an impressive 20 goals and bagged nine assists across all competitions last season, many of which came during the Champions League campaign.
He may add plenty, but there is a risk with such a transfer fee. The question is whether Arsenal feel it is the time to make such a risk to potentially add that missing piece up front, or if they want to keep building safely without having the same potential ceiling.