Arsenal are preparing to face Atletico Madrid in a Champions League semi-final, but the tie could act as an audition for striker Julian Alvarez. Everything you need to know about the transfer links.
Early Speculation
As Arsenal face Atletico Madrid in Wednesday's Champions League semi-final, the tactical battle on the pitch is being slightly overshadowed by a high-stakes transfer narrative. The Gunners face a side led by Julian Alvarez, the man who has reportedly become Mikel Arteta's primary target in the summer.
The Spain Move
The club first registered interest in Alvarez during his tenure at Manchester City. The Argentine ultimately chose a fresh start in Spain, completing a landmark transfer to Atletico Madrid for approximately £82 million in 2024. He signed a long-term contract until 2030.
Interest Renewed
However, Arsenal's interest reportedly did not subside, as they monitored Alvarez throughout 2025. In January 2026, reports claimed the Gunners were eyeing up a transfer in excess of £86 million for the upcoming summer.
Simeone Speaks Out
In February, Diego Simeone sparked significant speculation when he told reporters he could not offer absolute certainty about the striker's long-term future in Spain. The manager remarked: "I'm not inside his head!"
Future Addressed
Simeone was asked about Alvarez again in March. During a press conference in Madrid, he shifted his tone to praise the Argentine's "happy and content" demeanour within the squad. He expressed a strong desire for the player to remain at Atletico "for many years."
Scouting Mission
But Arsenal still pursued their interest. Gunners scouts were reportedly in attendance during Atletico's Champions League triumph over rivals Tottenham in March.
Barcelona Enter the Fray
In early April, reports suggested that Arteta views the striker as the signing he would most like to make come the summer. The same £86 million fee was the suggested asking price and Barcelona also entered the rumour mill, with it being suggested by Spanish media that Alvarez was on their radar.
President's Anger
Atletico president Enrique Cerezo soon took a firm stand against the growing rumours involving Arsenal and Barcelona. He said: "You are crossing the line a little with Alvarez. He's an Atletico Madrid player and has a long contract with the club."
Bombshell Statement
Before his team's clash with Arsenal, Simeone finally confirmed that both the Gunners, Barcelona and also Paris Saint-Germain are interested in the player. He said: "I understand it's normal that an extraordinary player like Julian Alvarez is wanted by Arsenal, Paris Saint-Germain and Barcelona. It's normal because he's very good."
New Fee
Alongside Simeone's admission was a new estimate of the prospective transfer fee. If Arsenal do wish to snap up Alvarez in the summer, they don't only have to fend off some of Europe's biggest sides but must reportedly fork out over £120 million.
Alvarez Takes a Stand
But Alvarez himself has lashed out at the rumours linking him with a move away. He said on Tuesday as translated by Sport: "I try not to give too much importance to what's said, because it often starts becoming a snowball of lies. I can't keep going out to clarify or deny everything that comes out all the time."
