Arsenal
Julian Alvarez transfer news took its sharpest turn yet this week. Reports from TEAMtalk indicate Arsenal are getting ready to approach Atletico Madrid with a creative proposal. Sporting director Andrea Berta wants to keep the cash side of the deal entirely separate, whilst floating the idea of Atletico taking either Gabriel Jesus or Gabriel Martinelli as part of a concurrent transaction.
Julian Alvarez transfer news: Arsenal explore ambitious move for Julian Alvarez with separate player swap proposals
It is a clever angle. Atletico admire both Brazilian forwards, and their names have cropped up in discussions at various points. Arsenal are not actively trying to push either player out of the door. Yet, they would accept a departure in 2026 if it means putting together the right package to land Alvarez.
The 26-year-old Argentine forward enjoyed a prolific 2025/26 campaign. He finished as Atletico’s joint-top scorer alongside Alexander Sørloth, racking up 20 goals in all competitions. His domestic return in La Liga saw him register eight goals and four assists across 29 appearances, totalling 1,902 minutes on the pitch.
In Europe, he was lethal. Alvarez struck 10 goals and set up four more in just 15 Champions League outings, guiding Diego Simeone’s side all the way to the semi-finals. Combine everything, and his full record for 2025/26 reads 20 goals and nine assists in 49 matches. Numbers like that make it easy to see why Atletico value him so highly.
How the financial setup works
Finances here are tricky. UEFA’s Squad Cost Ratio regulations mean a pure cash transaction would put severe strain on Arsenal’s books, even if they have the funds sitting in the bank.
Structuring the departure of Martinelli or Jesus as an independent transfer solves that problem. It gives both clubs necessary breathing room, mirroring the precise template Atletico and Chelsea used during the Conor Gallagher and Joao Felix moves in 2024. Atletico reputedly value Alvarez at around €150 million on the open market, though any swap-adjacent arrangement would alter the exact outlay.
Barcelona temptation and Arsenal’s pitch
Landing the player is not purely a question of money. TEAMtalk and several other outlets report that Alvarez still views Barcelona as his preferred destination. Speak to those around him, and the sentiment is clear. Following Argentina’s recent World Cup matches, he told reporters that a transfer was in everyone’s best interests. Still, he has not publicly given Arsenal his seal of approval.
Berta remains a pivotal figure in the background. Having originally signed Alvarez for Atletico from Manchester City back in 2024, he maintains regular dialogue with the player’s representatives. Arsenal already have their financial package ready to go. On paper, North London looks extremely attractive; Arsenal won the Premier League title in 2025/26 and reached the Champions League semi-finals.
Read: Arsenal plotting transfer move to complete signing of £51m World Cup star
From a tactical and business perspective, Arsenal’s homework is obvious. Martinelli has managed just one goal in the Premier League this season, meaning his market value probably will not get any higher than right now, given how well he performed on the European stage. Structuring this with Jesus or Martinelli alongside a cash offer shows real intent from Arsenal. Whether Alvarez can be convinced to choose them over Barcelona is another matter entirely.