Arsenal are still keen on Julian Alvarez when talks at the ownership level have begun, with the club’s sporting director Andrea Berta having been a former Atlético Madrid official before moving to the Emirates last year. Initial communication lines remain open as the clubs negotiate a potential deal.

Atlético do not want to sell and there is a large valuation gap. Barcelona are not giving up, with president Joan Laporta saying their current bid of just over £100m remains on the table and could rise to more than £110m (€130m) plus bonuses. Sources say Atlético could refuse the offer unless a replacement is found.

Alvarez will return to pre‑season training after the World Cup and his family’s desire to stay in Spain is a key obstacle for clubs like Arsenal and PSG, who would need to offer a compelling package.

Meanwhile Arsenal have also been eyeing Christos Tzolis from Club Brugge as a replacement for Leandro Trossard. Club Brugge’s asking price of around £34m would set a Belgian Pro League record, while Trossard moves to Besiktas for £17m.