Julian Alvarez must decide between staying at Atletico Madrid or considering a move to Arsenal before the transfer deadline. Atletico have firmly stated they will not sell him to Barcelona, a stance supported by CEO Miguel Gil Marín and the Apollo board, leaving Alvarez reportedly "devastated" amid fan backlash. Atletico expert Ruben Uría described the situation as "extremely tense," noting Arsenal sporting director Andrea Berta has maintained contact with the club.

Alvarez remains focused on Barcelona, but Arsenal will only pursue a move if he commits to their project. Atletico are prepared to listen to offers around £130m (€150m) from Arsenal should Alvarez push for an exit. A potential deal would mark the 10th £100m+ signing in Premier League history and the fourth this summer, following transfers of Morgan Rogers to Chelsea, Elliot Anderson to Manchester City, and Sandro Tonali to Tottenham.

Alvarez and his agent blame Gil Marín for the situation, while Atletico insist he was fully aware of the terms when he signed.