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Arsenal are still eyeing a blockbuster late move for Atletico Madrid forward Julian Alvarez before Tuesday night's transfer deadline.
The Gunners have been in the market for a superstar attacker all summer, but have failed in their pursuit of one up until this point. Chelsea snatched Morgan Rogers from them with an astronomical offer for the England international, Liverpool are set to beat them to Bradley Barcola, and Vinicius Junior opted to sign a new contract at Real Madrid.
Alvarez is the one remaining star potentially on the market, and while Atletico are eager to sell the player to the North Londoners after severing relations with their talisman, the Argentine is yet to be convinced by a move to the Emirates.
However, if Arsenal can persuade the 26-year-old to swap Madrid for London, then they should be able to get a deal over the line at the eleventh hour.
With that said, we take a look at the winners and losers of Alvarez's prospective move to the Premier League champions.
Julian Alvarez's 2025/26 Statistics per 90 (La Liga Only)
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Successful Dribbles
Chances Created
Winners From Arsenal Signing Julian Alvarez
REUTERS/Chris Radburn
Bukayo Saka
REUTERS/Hannah Mckay
For so long, Arsenal have been incredibly reliant on Bukayo Saka to carry their attack. The Gunners' talisman is the one player in Mikel Arteta's offensive cohort who has consistently been able to unlock a game through a piece of skill or an incisive pass, meaning opponents have built their defensive plans around stopping him.
However, the arrival of Alvarez may prevent teams from doubling up on Saka. If they know they have an equally elusive threat in a central area or playing off the left, they'll need to spread the defensive responsibilities across their backline, rather than merely focusing on their left-hand side.
This should create extra room for Saka to exploit, and he'll subsequently benefit enormously.
Martin Odegaard
Reuters/Matthew Childs
Even in Martin Odegaard's below-par recent seasons, he's still been one of the more creative players in the league. The Arsenal skipper sits in the right-half space and dictates his team's attacks with his penetrative passes and intelligent combination play.
However, with Saka the only constant threat in Arsenal's attack, Odegaard has been reliant on the winger's output. He's consistently fed Saka in dangerous spaces, without being able to entrust those in the centre-forward role or on the left flank.
If Alvarez arrives in N5, Odegaard will have a genuine threat to find in dangerous spaces elsewhere. The Argentine boasts intelligent movement in and around the box, and this should cater to the Norwegian's creative instincts.
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Martin Odegaard's Creative Statistics 2025/26 per 90 (League Only)
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Chances Created
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Line-Breaking Passes
Big Chances Created
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Christos Tzolis
REUTERS/Hannah Mckay
Christos Tzolis signed for Arsenal from Club Brugge for £34 million this summer, likely expecting to fill something of a squad role in his debut season in North London. However, after starting the new campaign excellently, the Greek's reputation has grown substantially, and he's now in line to play a more prominent part in Arteta's side's season.
He likely expected the Gunners to dip back into the market and sign another left-winger to directly rival him on this flank. However, if Alvarez signs, then this likely won't be the case.
While the World Cup winner might be used off the left from time to time, he'll be predominantly used centrally, given that's roughly where he's played for most of his career. This means there will be significantly more minutes left on the table for Tzolis than he first would've expected.
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Fees correct prior to summer 2026
Losers From Arsenal Signing Julian Alvarez
REUTERS/Andrew Boyers
Viktor Gyokeres
Victor Gyokeres celebrating after scoring against Everton for Arsenal in the Premier League
After finishing Arsenal's title-winning campaign and his first season in the Premier League as the Gunners' top scorer, Viktor Gyokeres could quickly find himself surplus to requirements at the Emirates.
Now that Kai Havertz has found himself fit for a considerable period, he's leapfrogged Gyokeres in the pecking order. The German started each of Arsenal's first two matches this season, with his Swedish counterpart granted just 15 minutes off the bench so far.
Alvarez's prospective arrival is only likely to worsen this situation for Gyokeres. As previously mentioned, the former Manchester City man is ostensibly a number nine, and if Arsenal are outlaying in excess of £100 million to bring him through the door, he'll likely be viewed as a superior option to Gyokeres.
All of a sudden, Arsenal's marquee signing from last summer could find himself as the third choice striker in Arteta's ensemble.
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Viktor Gyokeres' 2025/26 Statistics per 90 (League Only)
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Expected Goals
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Expected Assists
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Kai Havertz
Kai Havertz with the Premier League trophy
Inevitably, the other player who is likely to be negatively affected by Alvarez's signing is the other striker in Arteta's squad. Kai Havertz has just started to find his groove again after two injury-ridden campaigns, and now a world-class centre-forward could be set to come in to compete with him.
This addition would by no means be disastrous for Havertz, who has struggled with fitness and can't take the striker mantle by himself for a team with Champions League title aspirations. However, he'll have gone from being the nailed-on starter to having to fight it out with Alvarez for minutes.
It's one thing competing with Gyokeres, and another competing with the Atletico Madrid talisman. Havertz can certainly play alongside Alvarez in certain systems, but the signing will no doubt impact the number of opportunities he gets on the pitch this season.
Arsenal players
Arsenal players