Arsenal are making a final attempt to convince Julián Álvarez to return to the Premier League as Mikel Arteta reshapes his attack before the transfer deadline. With more than £70 million potentially coming from the departures of Gabriel Martinelli, Gabriel Jesus and Fábio Vieira, could the Gunners finally have the opportunity to land Atlético Madrid’s Argentine superstar?
By Abiodun Adewale Adeniyi | Founder & Editor, Beyond the Final Whistle
August 31, 2026 | Premier League | Transfer News
Arsenal’s summer transfer window could still have one extraordinary final chapter.
Julián Álvarez remains on the Gunners’ radar.
Arsenal are trying to persuade the Atlético Madrid forward to return to England before the transfer window closes, with Mikel Arteta personally involved in the attempt to convince the Argentina international.
According to The Guardian, Arteta spoke with Álvarez last week as Arsenal explored whether one of the biggest transfers of the summer could become possible.
The problem?
Álvarez still wants Barcelona.
But Atlético Madrid have repeatedly insisted they will not negotiate with the Catalan club.
That leaves Arsenal in a fascinating position.
They may be the only realistic escape route available to Álvarez if he decides he cannot continue at Atlético.
And after agreeing more than £70m worth of outgoing transfers, Arsenal suddenly have significant room to manoeuvre.
Arsenal Are Making Their Move
Arsenal’s interest in Álvarez isn’t new.
What has changed is the urgency.
The transfer window is approaching its conclusion, and Arteta’s attacking squad is undergoing significant restructuring.
Gabriel Martinelli is expected to leave for Al Hilal.
Gabriel Jesus is moving toward Barcelona.
Fábio Vieira is also nearing a permanent departure.
Together, those transactions are worth more than £70 million, according to The Guardian.
That doesn’t mean Arsenal can simply take that £70m and buy Álvarez.
Transfer finances are more complicated than that.
But the departures create both financial flexibility and space within Arteta’s squad.
And there is little doubt about the calibre of player Arsenal are targeting.
Álvarez would be a statement signing.
Mikel Arteta Has Personally Spoken to Álvarez
This is perhaps the most important development.
Arteta isn’t simply waiting for Arsenal’s recruitment department to handle the situation.
The Arsenal manager has reportedly spoken directly with Álvarez in an effort to convince him to return to the Premier League.
That tells us how highly Arsenal rate him.
Arteta has become an important figure in Arsenal’s recruitment strategy, often speaking personally with major targets about their role within his project.
The message to Álvarez would presumably be straightforward:
Come to Arsenal.
Compete for the biggest trophies.
Become one of the central players in an attack built to challenge domestically and in Europe.
There is just one major obstacle.
Álvarez hasn’t been convinced.
At least not yet.
Álvarez Still Wants Barcelona
This is the part Arsenal supporters shouldn’t ignore.
Álvarez has made no secret of his attraction to Barcelona.
Sky Sports reported earlier in the saga that the Argentine had his heart set on joining the Spanish champions. Arsenal were prepared to move if he changed his position, but they did not want to commit to an enormous transfer without knowing the player genuinely wanted Arteta’s project.
That is sensible.
When potentially spending more than £100m on a player, Arsenal cannot afford to sign someone whose real ambition is to play elsewhere.
Álvarez has to choose Arsenal.
Not simply accept Arsenal because Barcelona is unavailable.
There is an important difference.
Why Atlético Madrid Won’t Sell Álvarez to Barcelona
Normally, a player strongly wanting one club would give that club enormous negotiating power.
Not this time.
Atlético Madrid’s board has taken an exceptionally firm position.
Reuters reported that Atlético’s board unanimously backed the club’s refusal to negotiate with Barcelona and said there was “zero consideration” of selling Álvarez to the Catalan club.
The dispute has become about more than money.
Atlético believe Barcelona’s approach to the situation failed to meet the standards they expected between clubs.
That has effectively blocked Álvarez’s preferred destination.
And that’s exactly why Arsenal remain involved.
If Barcelona is genuinely unavailable, Álvarez faces a choice:
Remain at Atlético Madrid.
Or reconsider Arsenal.
Arsenal Could Offer Álvarez Something Barcelona Cannot
Barcelona may be Álvarez’s preferred destination.
But Arsenal can offer something extremely attractive themselves.
A central role in one of Europe’s strongest teams.
Arsenal have already built a squad capable of challenging for the Premier League and Champions League.
Adding Álvarez would make that attack even more dangerous.
He knows English football.
He understands the Premier League.
He has already won major trophies in England.
And unlike a player arriving from another league, there would be less uncertainty about whether he can cope with the intensity of English football.
That matters when you’re considering a nine-figure transfer.
We have already examined Arsenal’s championship ambitions in Can Arsenal Defend Their Premier League Title?.
Adding Álvarez would significantly strengthen that argument.
Where Would Julián Álvarez Fit at Arsenal?
This is what makes the transfer particularly interesting.
Álvarez isn’t simply a penalty-box striker.
He can play as a No.9.
He can operate behind another striker.
He can drift into wider areas.
And perhaps most importantly for Arteta, he works extremely hard without possession.
That versatility would give Arsenal several possibilities.
Arteta could use Álvarez centrally while allowing Arsenal’s wide attackers to stretch the opposition.
He could also play alongside another forward when Arsenal need more attacking numbers.
And against teams that dominate possession, Álvarez’s pressing ability could become extremely valuable.
He has sometimes been described as a striker with midfielder-like qualities because of how actively he participates outside the penalty area.
That profile seems extremely compatible with Arteta’s football.
The Manchester City Experience Matters
Álvarez wouldn’t be entering unfamiliar territory.
He already knows the Premier League from his time with Manchester City.
That experience is significant.
The speed of English football wouldn’t surprise him.
The physicality wouldn’t surprise him.
The schedule wouldn’t surprise him.
And the pressure of competing for the Premier League title certainly wouldn’t surprise him.
For Arsenal, that reduces some of the risk associated with an enormous transfer.
They wouldn’t simply be buying a talented player from La Liga.
They would be bringing back a player who has already demonstrated that he can perform in England.
Could Arsenal Really Spend £130m?
This is where things become difficult.
Sky Sports previously reported that Atlético could listen to an Arsenal offer around €150m — approximately £130m if Álvarez changed his position and genuinely wanted the move.
That would make him one of the most expensive players in Premier League history.
It would also represent an enormous commitment from Arsenal.
This is why the player’s decision has to come first.
But if Álvarez tells Arsenal he wants to join?
Everything changes.
Then Andrea Berta and the Arsenal hierarchy can begin serious negotiations with Atlético.
Gabriel Jesus’ Barcelona Move Adds Another Twist
There is another fascinating layer.
Barcelona have agreed an £8.6m deal in principle for Gabriel Jesus, meaning an Arsenal forward is potentially moving to the very club Álvarez wants to join.
We examined that developing deal in our Gabriel Jesus coverage.
But Jesus arriving doesn’t necessarily mean Barcelona’s long-term interest in Álvarez disappears.
That leaves Álvarez with another difficult decision.
Wait and hope Barcelona eventually become available?
Or take the Arsenal opportunity now?
From Arsenal’s perspective, they cannot wait forever.
The transfer deadline decides that.
Martinelli’s Departure Creates Space
Gabriel Martinelli’s expected move to Al Hilal is also significant.
The Guardian reports Arsenal are set to receive approximately £56m, which would represent a club-record sale.
That removes another established attacker from Arteta’s squad.
Arsenal have already added Christos Tzolis, but Álvarez would transform the attacking picture entirely.
He wouldn’t necessarily be a direct Martinelli replacement.
He would instead give Arteta the opportunity to redesign the attack.
And that could ultimately be more valuable.
Álvarez Has Returned to Atlético Training
One detail needs to be handled carefully.
Álvarez missed several Atlético group training sessions last week.
But Atlético said the absences were caused by an indisposition, not a transfer protest.
He subsequently trained individually before returning to full group training on Sunday.
He was also left out of Atlético’s 3-1 victory over Sevilla.
That means we should not describe Álvarez as being “on strike” or refusing to train.
The transfer situation is clearly tense.
But Atlético’s stated explanation for those absences was physical illness.
As things stand, Álvarez is back training with Diego Simeone’s squad.
Staying at Atlético Is Becoming More Realistic
This is the possibility Arsenal supporters may not want to hear.
Álvarez could simply stay.
The longer the situation continues without the Argentine embracing Arsenal, the harder a late transfer becomes.
Atlético still view him as an important player.
He remains under contract.
And he has now returned to training.
That’s why the next decision has to come from Álvarez himself.
Arsenal cannot create a transfer that the player doesn’t want.
Arsenal Should Not Sign Álvarez Unless He Chooses Them
This is perhaps the most important point.
Julián Álvarez is an outstanding footballer.
But £100m-plus transfers aren’t only about ability.
They’re about commitment.
If Álvarez genuinely believes Arsenal is the right next step in his career, Arteta should push hard to complete the transfer.
But if he remains completely focused on Barcelona, Arsenal should walk away.
No club should spend approximately £130m convincing a player every morning that he made the right decision.
Arsenal need players who want Arsenal.
Arteta has built much of the club’s recent progress around exactly that philosophy.
Álvarez has to make the next move.
What Would Álvarez Mean for Arsenal’s Champions League Ambitions?
This is where the potential transfer becomes particularly exciting.
Arsenal aren’t simply building to dominate domestically.
They want Europe’s biggest trophy.
Álvarez already understands what it takes to compete at that level.
His movement, pressing and versatility would give Arteta another elite attacking weapon during Arsenal’s Champions League 2026/27 campaign.
Knockout European football often comes down to small moments.
One movement.
One finish.
One mistake forced by aggressive pressing.
Álvarez can produce those moments.
That’s why Arsenal are still interested despite the enormous difficulty surrounding the transfer.
Final Verdict: The Transfer Is Now in Álvarez’s Hands
Arsenal have done almost everything they can.
They have maintained their interest.
Arteta has personally spoken to the player.
They are creating squad space.
And more than £70m worth of outgoing business gives them additional flexibility.
Atlético have also effectively removed Barcelona from the equation by publicly refusing to negotiate with their domestic rival.
Now Álvarez has to decide.
If Barcelona remains his only acceptable destination, he may have to stay at Atlético.
If he decides his future needs to be elsewhere immediately, Arsenal offer an extraordinary alternative.
Premier League football.
A title-challenging squad.
Champions League ambitions.
A manager who personally wants him.
And the opportunity to become one of Arsenal’s defining players.
The door is open.
But Álvarez has to walk through it.
Until that happens, there is no agreement between Arsenal and Atlético Madrid and no guarantee this blockbuster transfer will happen.
With the deadline approaching, however, the situation can change extremely quickly.
What Do You Think?
Should Arsenal spend around £130 million on Julián Álvarez if he finally gives Arteta the green light?
Or should Arsenal walk away if the Argentine still prefers Barcelona?
And would Álvarez make Arsenal favourites for both the Premier League and Champions League?
Share your opinion in the comments below.
By Abiodun Adewale Adeniyi, Founder & Editor of Beyond the Final Whistle. I am passionate about delivering well-researched football analysis, transfer insights, tactical breakdowns and honest opinions that go beyond the final score. My goal is to help football fans better understand the game while creating meaningful conversations around the biggest stories in football.
