Arsenal prepare £100m-plus swap proposal in bid to beat Barcelona to Julian Alvarez

Arsenal have drawn up a package worth in excess of €100m, including Victor Gyokeres, as they position themselves to move for Julian Alvarez – but will only act if the Argentina forward’s proposed switch to Barcelona collapses.

According to Spanish outlet Sport, citing The Times, the Premier League club have finalised the framework of an offer to Atletico Madrid for Alvarez, yet any formal approach will depend on the player signalling he is ready to leave the Wanda Metropolitano this summer.

At present, Alvarez is understood to be focused solely on securing a transfer to Barcelona and has shown no inclination to entertain Arsenal’s interest, despite efforts to convince him led by head coach Mikel Arteta and sporting director Andrea Berta.

Arsenal’s plan: Gyokeres plus major fee

The report says Arsenal are prepared to include Sweden striker Victor Gyokeres, who joined the club last summer for €64m, as part of a swap arrangement with Atletico.

In addition to Gyokeres, the London side are willing to pay up to €100m in a combined guaranteed fee and performance-related add-ons. The total structure is seen as potentially attractive to Atletico, particularly as Gyokeres is highly regarded by head coach Diego Simeone.

Despite having that proposal ready, Arsenal have decided not to open official negotiations with Atletico or table a formal bid until they receive a clear indication from Alvarez’s camp that he is open to a move to north London.

So far, that green light has not arrived. The 24-year-old remains determined to push for Barcelona and is understood to prioritise a transfer to the Camp Nou over any other destination.

Alvarez focused on Atletico return – for now

Atletico Madrid have summoned Alvarez to report back for pre-season training on 10 August as they begin preparations for the new campaign.

There are currently no signs that the forward intends to refuse to return, skip sessions or otherwise attempt to force a transfer by staying away from the club.

However, Alvarez is planning to hold a meeting with Atletico’s hierarchy in the coming days. His aim is to reopen discussions over a move to Barcelona and explore whether an agreement can still be reached with the Catalan club.

Barcelona remain the player’s preferred option

Barcelona’s interest is central to the stalemate. Arsenal, aware that they are not Alvarez’s first choice, are effectively operating as an alternative route out of Madrid if negotiations between Atletico and Barcelona break down.

For now, all sides appear to be waiting: Arsenal with a substantial swap-and-cash offer ready but on hold; Atletico expecting Alvarez back at training; and the player himself looking to use upcoming talks with club officials to revive the possibility of a Barcelona transfer.

Until Alvarez softens his stance or Barcelona exit the race, Arsenal are not expected to move from their current position of watching and waiting.