Arsenal are prepared to act quickly in the final week of the transfer window for Atlético Madrid striker Julián Álvarez, should the player or the club signal a willingness to negotiate, sources have told ESPN. The Gunners' main attacking target has been under consideration since January, with sporting director Tim Lewis — who previously held the same role at Atlético and negotiated Álvarez's 2024 move from River Plate — leading much of the background work.

Sources in Madrid suggest Álvarez would prefer a move to Barcelona over a return to the Premier League, but Atlético have resisted the idea of selling the 26-year-old to their city rivals. Arsenal remain an alternative, with manager Mikel Arteta eager to strengthen his attack and willing to exceed the club-record £105 million ($143m) fee paid to West Ham for Declan Rice in 2023. Atlético may demand as much as €150m if they soften their stance.

A transfer stalemate led to tense scenes during Sunday's 2-2 draw with Villarreal, where Álvarez was jeered by home fans and later left the pitch without acknowledging supporters alongside teammates. Atlético head coach Diego Simeone addressed the incident, stating the club decided to keep Álvarez away from the stands and supporters.

Meanwhile, Arsenal are also expected to progress other transfer activity, including the possible departure of winger Gabriel Martinelli, who has been deemed surplus to requirements and was omitted from the matchday squad for Friday's Premier League win against Wolverhampton.