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Arsenal could yet secure a late blockbuster deal for Atletico Madrid striker Julian Alvarez, with his arrival in North London potentially setting the wheels in motion for a number of other transfers.
The Gunners are reportedly ready to go 'all in' to land Alvarez, although the Argentine is still said to have his heart set on a switch to Barcelona. Atletico remain adamant that they won't sell to their La Liga rivals, but they are understood to be open to doing business with the Premier League champions.
After being booed by his own fans at the Wanda Metropolitano over the weekend, Alvarez's situation in Madrid is untenable. Remaining in the Spanish capital seems not to be an option, while a Barcelona move isn't on the cards.
Thus, the forward may eventually have to agree to Mikel Arteta's proposal and complete a box office transfer to North London.
Barcelona Could Move For Viktor Gyokeres if Julian Alvarez Joins Arsenal
via Reuters
If Alvarez arrives at Sohba Realty at some point in the next week, that immediately raises questions about Viktor Gyokeres' future. The Swede has been named on the bench in each of Arsenal's first two games of the season and is evidently seen by Arteta as an inferior option to Kai Havertz up front.
Barcelona have been loosely linked with Gyokeres in recent weeks, and this deal would make a lot of sense for a few reasons. Most obviously, the Catalan giants have been trying to sign Alvarez all summer. If the World Cup winner goes to Arsenal, Hansi Flick may opt to pursue the man who will become surplus to requirements at the Emirates as a result of this transfer.
Having let go of both Robert Lewandowski and Ferran Torres this summer, Barcelona are still looking for a new striker. A deal for Gyokeres would be convenient and easy to pull off should Alvarez arrive in London.
The former Coventry City man may also be a good fit for Flick's hard-running style, with the German manager clearly trying to sign players with greater physical attributes than technical this summer, as reflected in deals for Anthony Gordon and Karim Adeyemi.
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Statistical Comparison 2025/26 (League Only)
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Gabriel Jesus Will Surely Leave Arsenal
REUTERS/Hannah Mckay
Gabriel Jesus is already on the periphery of Arteta's squad, but the potential addition of Alvarez might be the straw that breaks the camel's back in terms of convincing the Brazilian to part ways with the English champions. Napoli were reportedly courting Jesus, but the player supposedly wasn't convinced by the offer as he weighed up his future.
If Alvarez signs for the Gunners, then surely the former Manchester City man will realise that he cannot spend another year on the sidelines at the Emirates. In a potential plot twist, Jesus may be presented with a more appealing offer than Napoli. While Atletico have added Kang-In Lee to their squad, they're yet to sign an out-and-out replacement for Alvarez. There's no reason why they might not fancy Jesus.
Jesus is essentially an older and more worn-down version of Alvarez, with his ability to drop into spaces and create through his clever movement and dribbling ability reminiscent of the Argentina international. After all, City ultimately replaced Jesus with Alvarez, so Atletico could reverse this by taking advantage of Jesus' situation in negotiations with Arsenal.
Alvarez Arrival Could Spark Premier League Transfer Spiral
REUTERS/Marcelo Del Pozo
Alternatively, Alvarez's arrival could prompt Jesus to leave Arsenal, but the 29-year-old could go down a very different route. Everton were said to be exploring a deal to sign Jesus earlier in the window, and the Toffees could yet revisit this situation late in the window.
This move would allow the Arsenal star to return to the north-west, where he and his family initially settled in the UK following his move from Brazil. He's also likely to be able to retain his hefty wages on Merseyside, whereas it's possible he'd have to accept a pay cut abroad.
Jesus' arrival at the Hill Dickinson Stadium would make Beto surplus to requirements in David Moyes' squad. Beto was linked with Nottingham Forest earlier in the summer, and while the East Midlanders have signed Liam Delap from Chelsea, this may not prevent them from chasing the Guinea-Bissau international as well.
If Beto completes a switch to the City Ground, this may leave Chris Wood searching for a new home, particularly if he has the Everton man, Delap and Igor Jesus ahead of him. Wood hasn't been linked with an exit this summer, but West Ham were understood to be interested last year, potentially enabling Alvarez's move to Arsenal to spark one of the longest domino effects in Premier League transfer history.
All Statistics via FotMob - correct as of 15/08/2026