Atletico Madrid sent a delegation to London last week to speak to Arsenal about selling Julian Alvarez, talkSPORT understands.
The LaLiga club are adamant they won’t sanction a transfer to Barcelona, and have since published a board statement confirming this position.
Julian Alvarez appears dejected after Atletico Madrid's match against Villarreal3
Alvarez has expressed his desire to leave Atletico
Atleti sources had tried to paint the visit to London as for exploratory talks for Nicolas Jackson.
Jackson, however, is set to join Aston Villa from Chelsea.
Sources have told talkSPORT Atleti directly informed Arsenal they would consider offers for Alvarez in excess of £120m.
Arsenal are prepared to bid in the final days of the window if Alvarez decides to join.
A loan has also been discussed due to Arsenal considering whether Alvarez is willing to commit fully.
Alvarez has missed two days of training in an increasingly tense situation between player and club.
The official reason cited for the Argentina forward's absence is illness.
Atletico Madrid statement
The Spanish club released a statement on Thursday flat out refusing to sell to Barcelona.
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It read: “Atlético de Madrid is open to standard transfer market negotiations when conducted in a professional, ethical and respectful manner.
“We fully stand behind the club’s previously communicated position that FC Barcelona failed to meet these requirements and, as a result, there will not be any negotiation and there is zero consideration of an Alvarez transfer to Barcelona.”
Julian Alvarez at the World Cup3
Alvarez is one of the most coveted stars in world football right now
It also added a pointed message to Alvarez himself: “Atlético de Madrid trust that our player will understand the decision and will remain focused on helping the club achieve its goals, just as he has done during the two seasons he has been defending our colours.”
Atletico signed the 26-year-old in the summer of 2024 from Man City in a deal worth up to £82m.
He won the treble at City, scoring 36 goals in 103 games for the club.
Since joining Atletico, he has 49 strikes in 107 outings.
Julian Alvarez verdict
Speaking to talkSPORT, The Athletic reporter Dermot Corrigan said: “He’s played an awful lot of football over the last four years or so. He's played almost every summer, back from when he was at Man City, he played World Cups, won the World Cup with Argentina, played in the Olympic Games.
“There was a little feeling last year that he wasn't 100 per cent fit, but when the biggest games came around in the Champions League, he played and he scored some tremendous goals against Spurs, he was brilliant.
Atletico Madrid's Julian Alvarez3
Alvarez has made clear he wants to leave Atletico with Arsenal his sole option
“Against Barca, he was brilliant in the Champions League.
“Whereas in La Liga, week to week, sometimes he wasn't played, sometimes he didn't look quite, I wouldn't say he wasn't quite up for it, but he wasn't as focused maybe on the La Liga games, or Atletico weren't as focused on the La Liga games, because they were out of the title race so early last season.
“So the numbers don't look great, but I'd say he's a really quality player. He's a clutch player, he's a guy who stands up in the big moments, he started the World Cup as well for Argentina.
“When they needed a goal, he scored that tremendous goal to get them through in the knockout rounds. I think he's a great player.
“Whether he's £150m, it's hard to put prices on players these days, but I think he is worth it.”