Arsenal have had an eye-watering opening offer worth a staggering €120m (£105m / $141.5m) knocked back by Atletico Madrid for Julian Alvarez – and the Gunners are now preparing to go even higher for their No.1 summer target.
A source close to the negotiations has told TEAMtalk that Mikel Arteta’s side still hold “huge belief” they can get the deal done, despite Atletico slamming the door on the initial package.
The north London club have seen their Premier League lead cut to just five points in recent weeks as Manchester City have rediscovered their ruthless form. With Pep Guardiola’s side in action a day before Arsenal next play, that gap could shrink to a nerve-shredding two points by Sunday morning if City beat Leeds at Elland Road.
Yet even with four major trophies still in their sights this season, Arsenal are already mapping out the next phase of squad evolution – and Alvarez sits right at the top of the shopping list.
TEAMtalk was first to reveal on 22 January that the Gunners had opened talks with the Argentina international’s representatives, with transfer insider Graeme Bailey describing the interest as “serious”. That interest has now translated into cold, hard cash.
According to AS journalist Guille Casquero, Arsenal submitted an initial bid structured as a €100m downpayment plus €20m in performance-related add-ons. Atletico Madrid, however, rejected the proposal outright.
Despite the knock-back, Arsenal remain undeterred. TEAMtalk understands the club are ready to return with a significantly improved offer – one that could shatter their previous transfer-record spending in a single window.
The 26-year-old has been in sensational form since leaving Manchester City, racking up 42 goals and 14 assists in just 93 appearances for the Rojiblancos – a goal involvement every 1.66 games.
But Arsenal are not the only big boys circling. Casquero confirmed to AS: “I know Barcelona want him, Arsenal want him and PSG want him. Those three want him firmly.”
He ranked the interest: “Barcelona, Arsenal and PSG – in that order in my opinion – are very, very attentive to Julian.”
Casquero also revealed why a deal will not be straightforward: “Knowing Julian and knowing his family, Madrid suits him very well. He loves living in Madrid and I think he wants things to go very well for him at Atletico Madrid. He does not want to leave without being a recognised champion at Atletico. That has happened at every club he has been at and he does not want to break that streak.”
However, a high-ranking intermediary with direct knowledge of the situation told TEAMtalk on condition of anonymity: “We all know Barca is Julian’s priority, but not to the point where he is saying a total no to everyone else. As it stands, if he does not stay in Spain, he is likely heading to London. It is widely known that Arsenal and Chelsea love him; he is an elite player and an elite player with Premier League experience.”
TEAMtalk can also confirm Arsenal are receiving weekly updates on Alvarez’s situation and remain fully confident they can tempt both player and club if they are prepared to go to “never-before-seen levels” – levels that would make this one of the biggest deals in Arsenal’s history.
The bombshell is live. The Gunners have made their move. Now the question is: just how high are they willing to go to land their dream summer target?