Arsenal could be set for a blockbuster end to the summer transfer window, with Atletico Madrid forward Julian Alvarez emerging as their final high-profile target after a breakthrough in his availability.
The north Londoners have already signed five players for a combined total of approximately £200million, with permanent arrivals Piero Hincapie, Illan Meslier, Christos Tzolis, Bruno Guimaraes and Ezri Konsa providing extra quality and vital depth as they look to defend their Premier League title. However, with less than a week remaining in the window, there is some unfinished business to conclude to guarantee a perfect summer outcome.
Unfinished Business and Potential Windfall
Arsenal still need to offload multiple players, including Gabriel Jesus, Fabio Vieira and Reiss Nelson, who are no longer needed. The anticipated exits of Ethan Nwaneri on loan and Gabriel Martinelli, who has been linked with a £50m switch to Al-Hilal, in the coming days would deliver a welcome financial windfall of approximately £85m.
That figure would go a considerable way towards funding a move for their final addition of the summer, a long-awaited high-profile striker. With pursuits of primary targets Morgan Rogers and Vinicius Junior both falling flat in recent months, Julian Alvarez remains the last truly world-class forward being touted for a move to the Emirates Stadium.
Alvarez Pursuit and Atletico's Stance
Arteta and sporting director Andrea Berta are understood to be keen admirers of the Atletico Madrid frontman and they are prepared to break the club's transfer record to get their man. Atletico have maintained throughout the summer that Alvarez is not available, making clear they will not sanction a sale to rivals Real Madrid or Barcelona.
However, his persistent transfer requests have now caused an irreparable rift between him and the Spanish club, with Atleti now willing to sanction his departure for £128m after Alvarez was jeered by his own supporters on Sunday. The ideal outcome for Arsenal would be to make a breakthrough and agree personal terms with Alvarez within the next few days.
Berta, who brought the 26-year-old to Atletico two years ago, is more than capable of selling Mikel Arteta's project to the World Cup winner. The next hurdle would be to drive down Atleti's valuation of Alvarez to approximately £120m, which would still represent a club-record fee without venturing into the realms of excess.
Martinelli Sale and Other Exits
To achieve that, they must offload Martinelli. There is little question that Martinelli has been a great servant to the club since arriving from Brazilian fourth tier outfit Ituano seven years ago. However, his development stalled two years ago and the moment is right to capitalise on the 25-year-old's market value.
Arteta is fully conscious of this and has left Martinelli out of both of his matchday squads in a bid to pressure the winger into accepting a departure. In recent days, Martinelli's position has shifted towards agreeing to a move to Al-Hilal. Should Arsenal reach a fee agreement with the Saudi Pro League outfit, believed to be in the region of £50m, it would contribute significantly towards funding the Alvarez deal.
The remaining players Arsenal are keen to offload - Nelson, Vieira and Jesus - may not necessarily help the Gunners recover substantial fees, but would prove valuable in terms of trimming the wage bill and freeing up squad places. Berta has long been eager to sell all three players, yet the absence of interested parties willing to meet a reasonable asking price has complicated matters.
Nwaneri's Loan Move
The final piece of business Arsenal should complete to round off an exceptional summer window is arranging a loan move for Nwaneri. The club recognise his ambition to secure consistent first-team football and that's something Arteta has acknowledged he cannot guarantee, owing to the abundance of midfield choices at his disposal.
It's been reported that Arsenal would prefer to send the 19-year-old academy product out on loan, but they might still be persuaded by a sufficiently substantial permanent bid. With Martinelli already departing, Arsenal have no requirement to approve Nwaneri's sale. Considering his capacity to become a future star, they would be significantly better served locating another Premier League club for him to join on loan this season, allowing them to benefit from his development in the years ahead.
