Arsenal are preparing to submit a formal offer to Atletico Madrid for Argentine forward Julian Alvarez, according to reports from Spanish outlet Fichajes.
The 26-year-old has established himself as one of Europe’s most productive forwards, registering an impressive 85 goal contributions across 122 appearances for boyhood club River Plate before making his move to European football.
His performances in South America earned him comparisons to Argentine legend Sergio Aguero, with the forward widely dubbed “the next Kun Aguero” during his time in Buenos Aires.
Alvarez subsequently joined Manchester City, where he scored on his official debut in the 2022 Community Shield against Liverpool, announcing himself to English football in emphatic fashion.
Despite often playing second fiddle to Erling Haaland under Pep Guardiola, the Argentine contributed 55 goal involvements at the Etihad Stadium before completing a big-money switch to Atletico Madrid in the summer of 2024.
He has wasted no time settling into Diego Simeone’s side, accumulating 66 goal contributions in just two seasons at the Spanish capital, including 29 in all competitions during the recently completed 2025-26 campaign.
Fichajes now reports that Arsenal have reignited their interest in Alvarez after the deal went quiet in recent weeks, with the Gunners keen to bolster their attack following an unsuccessful pursuit of Vinicius Junior.
The Premier League champions are reportedly preparing a £59 million offer, a £17 million-per-year contract, and plan to include Viktor Gyokeres as a makeweight in the proposed deal.
Arsenal boss Mikel Arteta is said to view Alvarez as a central figure in his attacking plans, with Buchayo Saka and Eberechi Eze pencilled in to flank the Argentine in a formidable front three.
According to Fichajes, Arsenal intend to submit their offer formally on August 15, before making direct contact with Alvarez’s camp to begin contract discussions pending Atletico’s acceptance.
Viktor Gyokeres, Gabriel Jesus, and Kai Havertz currently represent the centre-forward options available to Arteta, meaning the addition of Alvarez would significantly elevate the quality in that department.
Landing a player of Alvarez’s calibre would give Arsenal genuine competition for places in attack rather than simply replacing one option with another, strengthening the squad’s depth as they chase further silverware.