Arsenal's Interest Is Real, But Described as "Background" According to Sky Sports transfer reporter Dharmesh Sheth, Arsenal have what's being described as background interest in Alvarez this summer. The Gunners aren't currently leading the chase, but they're understood to be monitoring the situation closely in case circumstances shift. Notably, Atletico Madrid have been firm that they do not want to sell to a domestic Spanish rival, which means if Alvarez does eventually force his way out, Atletico could actually prefer selling to Arsenal over Barcelona purely to avoid strengthening a La Liga competitor. Separately, other outlets have reported that Arsenal manager Mikel Arteta and sporting director Andrea Berta view Alvarez as a potentially excellent addition to the squad, with contact between the club and the player's camp dating back to earlier in the year. Arsenal have not yet submitted a formal bid. Barcelona Have Taken the Most Concrete Steps While Arsenal remain on the periphery, Barcelona are the club that has actually moved. Reports indicate Barcelona lodged an offer of around €100 million for Alvarez, which was turned down by Atletico Madrid, before conflicting reports suggested the Catalan club could push a follow-up offer as high as €130–150 million after the World Cup concludes. Barcelona forward Lamine Yamal has even publicly commented on wanting Alvarez to join the club. Alvarez himself is widely reported to be keen on a return to Spain with Barcelona specifically, and his camp is said to have taken the idea seriously enough that Atletico Madrid coach Diego Simeone has already had to publicly address the player's future following what's been described as a transfer request. Atletico's Position: Not for Sale, Especially Not to a Rival Atletico Madrid have publicly maintained that Alvarez is not for sale this summer, regardless of who comes calling. Their asking price has been consistently cited in the region of €150 million, with some reports also pointing to a release clause running into the hundreds of millions as a further deterrent to any suitor hoping for a discount. Real Madrid were also linked earlier in the window with a reported €150 million bid, though this was largely viewed as a smokescreen rather than genuine interest. Paris Saint-Germain were briefly in the mix too, with manager Luis Enrique said to have spoken with the player directly, but that interest appears to have cooled in recent weeks, leaving this largely as a two-horse political situation between Arsenal's background monitoring and Barcelona's more advanced, concrete pursuit. What Happens Next Alvarez is currently focused on Argentina's 2026 World Cup campaign, and no party expects meaningful movement until he goes on holiday and later reports back for pre-season with Atletico. Any serious talks between the player and his club about a potential exit are expected to wait until that point. For now, the most realistic outcome according to several reports is that Alvarez could still be an Atletico Madrid player when the new season begins, given how firmly the club has resisted offers so far. But with Barcelona persistent and Arsenal quietly positioned as a fallback option Atletico might actually prefer, this is a situation with genuine potential to move fast once Alvarez returns from international duty. The Bottom Line Arsenal's interest in Julian Alvarez is confirmed by multiple credible sources, but it remains secondary to his own stated preference for a move to Barcelona. The dynamic to watch is Atletico's reluctance to strengthen a domestic rival — a factor that could yet work in Arsenal's favor if Barcelona's bids continue to fall short of Atletico's valuation. This article reflects transfer reporting as of mid-July 2026 and will be updated as the situation develops.