Arsenal were trying to sign the Atletico Madrid man late in the summer transfer window.
Julian Alvarez before the LaLiga EA Sports 2026/27 match between Athletic Club and Atletico de Madrid.
Arsenal failed with a summer transfer move for Julian Alvarez.(Image: Juan Manuel Serrano Arce/Getty Images)
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Arsenal have been told that failing to sign Julian Alvarez in the summer transfer window could cost them the Champions League. They have, however, been backed to retain the Premier League title.
The Gunners added to their squad over the recent window with Bruno Guimaraes, Ezri Konsa, Piero Hincapie, Christos Tzolis and Illan Meslier all arriving on permanent deals. Mikel Arteta was keen to add to his attacking options in the window, with emphasis on the left wing.
They were left frustrated with moves for Morgan Rogers and Vinicius Junior falling through. Rogers joined Chelsea in a £117million deal, with Vinicius remaining with Real Madrid.
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Up until the last few hours of the transfer window, Arsenal held out hope of completing a £128million move for Atletico Madrid forward Alvarez. But the Argentine had his heart set on a move to Barcelona, with the Gunners unable to change his mind.
As reported by football.london, Arsenal would only make a move if they received the full buy in from the player.
Former Premier League striker Alan Shearer believes that had they been able to sign Alvarez, it would have helped Arsenal take the next step in the Champions League.
Speaking to Betfair, Shearer said: "I don’t think Arsenal’s lack of business in the transfer window to secure a left winger will affect them in the Premier League.
"They've recruited really well. They clearly wanted to bring one more, top class forward.
"I still think Gyokeres is a good player, but I don't think he's top class. Having said that, he did enough to help them win the league last season.
"But I think a signing like Julian Alvarez would have pushed them that bit further towards the Champions League as well. I mean it's pretty much a given.
"They would have won the league and a great chance in the Champions League if they had signed Alvarez. But I'm not feeling too sorry for them with the squad they've got because they still recruited really, really well."
Arsenal have started their Premier League title defence in the best possible way, winning all three of their games so far. They will now look to take that into the Champions League.
Arteta’s side travel to Italy on Wednesday night (8pm BST) to take on Napoli in their first league phase match.
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