Julian Alvarez of Atletico Madrid warms up before a match.
Julian Alvarez has reportedly told Arsenal he doesn't want to join the club.
talkSPORT understands that Atletico Madrid had held discussions with the Gunners about a deal for the Argentina striker.
Julian Alvarez of Atletico Madrid looks on from the bench.2
Alvarez is valued at well over £100m by Atletico
Chances of Alvarez joining Arsenal 'low'
But The Athletic's David Ornstein revealed on TNT Sports' coverage of Liverpool's 2-2 draw with Nottingham Forest on Saturday that, as things stand, Alvarez has no desire to make the move to North London.
"At the time of reporting, it's a low chance that he will come to Arsenal, because he's had his heart set on Barcelona," Ornstein explained.
"Atletico have closed the door to Barcelona, that won't happen. They would do a deal with Arsenal, Arsenal are prepared to reach an agreement club to club. But they would want the player to want to join them and he's shown no indication of wanting to at this point.
"He's spoken to Mikel Arteta and said he doesn't want to come. That could change – could he soften in the days ahead? These situations are always moveable feasts, so I don't want to pin my colours to the mast and say it won't happen, but right now it's not developing in the way that some have suggested.
"I think that would be the target for Arsenal – Julian Alvarez – and if they don't get him maybe they go with what they've got. But we don't know until the deadline."
Time running out
Premier League clubs have a little over 72 hours to make any remaining signings before the transfer window closes.
Sources told talkSPORT Atletico would consider offers over £120m for Alvarez.
And it's understood Arsenal would be prepared to pay such an amount if the 26-year-old did decide he wanted to join the Premier League champions.
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Alvarez has been prolific for Atleti in the last two seasons, having signed from Manchester City for around £82m in the summer of 2024.
He's scored 49 goals in all competitions for Diego Simeone's side, helping them to the final of the Copa del Rey last term.
Julian Alvarez looks on while playing for Atletico Madrid.2
Alvarez averages almost a goal every other game for Atleti
He went on to feature in Argentina's run to the World Cup final, finding the net in the quarter-final win over Switzerland.
And it's been more or less business as usual for Alvarez at the start of the 2026/27 campaign as he came off the bench in Atleti's LaLiga-opening 2-2 draw with Villarreal.
Arteta wants players fully committed to Arsenal
Arsenal made their latest signing of the summer last week, bringing in Ezri Konsa from Aston Villa.
Arteta refused to comment on Alvarez at his press conference ahead of Monday's trip to Villa, live on talkSPORT, where Konsa could make his Gunners debut against his former club.
"I'm not going to make any comment about a player that's not with us," he said."
But he also added that any potential signings must "really want to join us and have the desire to be part of our family".