Arsenal have received the go-ahead from Atletico de Madrid for a proposed deal worth up to €135m for Julian Alvarez, but the Argentina striker is still reluctant to return to English football and would prefer a move to Barcelona.
The Gunners have offered an initial €125m for the 26-year-old, with a further €10m available in performance-related bonuses, according to journalist Ariel Senosiain. Atletico have agreed to the proposal, but that has not yet brought the transfer closer to completion because Alvarez has not approved a move to London.
Arsenal remain prepared to wait in the hope that the forward changes his mind. The Premier League club continue to pursue Alvarez despite his preference for a transfer to Barcelona, leaving the final decision with the player.
The reported agreement between the two clubs represents a sizeable commitment from Arsenal for a striker who remains under contract at Atletico until the middle of 2030. The Spanish club’s willingness to accept the offer has nevertheless opened the way for negotiations to focus on Alvarez’s intentions rather than the proposed fee.
Alvarez previously played in the Premier League for Manchester City before moving to Atletico. His current valuation on the Transfermarkt website is €100m, meaning Arsenal’s reported package would stand noticeably above that figure if the full bonus payments were included.
For now, the transfer remains unresolved. Atletico have accepted Arsenal’s financial proposal, while Alvarez continues to hope that Barcelona can provide his next destination. Arsenal’s willingness to wait keeps the deal alive, although the player’s reluctance to return to England remains the central obstacle.
The forward’s contract length also gives Atletico a strong position in the discussions. His existing agreement runs until mid-2030, and the reported offer would allow the club to secure a substantial fee should Alvarez ultimately agree to the move.
Arsenal’s pursuit has therefore reached an important stage, but not its conclusion. The London club have made what is described as a major offer, Atletico have responded positively, and Alvarez must now decide whether to accept a return to the Premier League or continue pushing for a move to Barcelona.
