Arsenal handed major boost in Julian Alvarez pursuit as Atletico Madrid make ominous transfer move

Arsenal's pursuit of Atletico Madrid forward Julian Alvarez is well-documented, and their chances of landing the Argentine have been boosted.

Alvarez emerged as Mikel Arteta's dream Arsenal signing earlier this summer, identifying the 26-year-old as a player who could significantly improve multiple areas of their attack.

The Argentine international scored 20 times in all competitions last term, including in the first leg of their Champions League semi-final against the Gunners, before going on to lose the tie 2-1 on aggregate.

The former Manchester City forward has since made it clear that he wants to leave the Metropolitano Stadium, openly stating his desire to complete a dream move to Barcelona.

Barca tabled an offer worth more than €100 million (£85m) for Alvarez earlier this summer, and that was instantly turned down after Real Madrid's whopping £129m was outright rejected.

Atletico have since released a statement on the situation, making it clear that there is a 'zero per cent' chance that Alvarez moves to Barca before the deadline, after president Joan Laporta openly said on video that the club are standing by their "proposal" and wants to "reach an agreement" with their LaLiga rivals.

Diego Simeone even gave his forward the green light to join the Gunners, who would have to smash their transfer record to secure the World Cup winner's signature.

According to reports, Atleti are demanding a whopping £128m for Alvarez, with many suggesting that Arsenal are willing to pay that fee.

However, the biggest problem they have is agreeing on personal terms, as the former River Plate star has his heart firmly set on joining Barcelona instead of returning to the Premier League.

Atletico Madrid eyeing Donyell Malen as potential Julian Alvarez replacement

While the Premier League champions are some way from striking an agreement, they will be encouraged that Atletico are already planning for life without Alvarez.

According to Spanish outlet AS, the Metropolitano Stadium has been named as a possible destination for Roma centre-forward Donyell Malen, who also have Barcelona and Man City keeping a watchful eye on his stunning form.

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Malen joined the Giallorossi on loan from Aston Villa in January, becoming an instant hit after scoring 14 goals in 18 appearances before his €25m (£21.6m) obligation to buy was triggered in June.

The 27-year-old played a key role in Roma securing a Champions League spot, and has since continued his scintillating form in 2026/27 with a hat-trick against Fiorentina in their opening league match.

AS adds that the Italian side are now 'torn' between rallying round the striker or 'heeding the siren calls from abroad' after his value increased to a reported €45m (£38m) in the space of eight months.

Atletico are, of course, one of the clubs monitoring his situation, arguably seeing the Dutchman as a versatile forward who could replace Alvarez this summer.

Malen is contracted at the Stadio Olimpico until June 2030, and they're likely to want more than his reported market value.

In any case, interest in the former Borussia Dortmund, PSV and Aston Villa striker is great news for Arsenal, who could benefit from Atletico signing a new forward.