Arsenal are set to revisit their interest in Atletico Madrid forward Julian Alvarez, according to transfer insider Fabrizio Romano, following a failed move for Morgan Rogers.
Rogers had been Arsenal’s primary target in recent days, but the Aston Villa midfielder is now believed to be heading to Chelsea instead, forcing the Gunners to look elsewhere.
With the FIFA World Cup drawing to a close, Alvarez’s club future is expected to be resolved sooner rather than later, with the Argentine having publicly expressed his desire to leave Atletico Madrid.
Barcelona had been linked with a move for the forward, but Atletico essentially closed the door on any deal that would send him to Catalonia, leaving Arsenal well-positioned to capitalise.
Atletico would reportedly prefer selling Alvarez to a club outside of Spain, which significantly improves Arsenal’s chances of securing the deal this summer.
Alvarez is valued at £85 million on Transfermarkt, though his actual price tag could be considerably higher given he has a contract running until 2030 under Diego Simeone.
The Argentine contributed 29 goals and assists across the 2025/26 season, underlining his importance to Atletico and further justifying what would be a major financial outlay from Arsenal.
Alvarez brings considerable versatility to any squad, capable of leading the line, operating as a left winger, or functioning as a number ten behind the striker.
His Premier League experience, gained during a successful spell at Manchester City, means he would need little time to adjust to life under Mikel Arteta at the Emirates.
Alvarez is also regarded as a set-piece specialist, capable of delivering accurate deliveries from range in addition to being a threat closer to goal, an area where Arsenal have consistently excelled at converting chances.
Arsenal’s clear ambition and their standing as a genuine title-challenging project could help smooth personal term negotiations with the player, making this a transfer with real momentum behind it.