Arsenal's Transfer Strategy: The Pursuit of Julián Álvarez

Arsenal are reshaping their attack at breakneck speed. The problem? The striker they really want is looking the other way.

Arsenal cash in – but the plan hinges on Álvarez

Having agreed to sell Gabriel Martinelli, Gabriel Jesus and Fábio Vieira in deals worth more than £70m, Arsenal have opened a sizeable hole in Mikel Arteta’s squad and his frontline. Those exits are supposed to fund and frame the next phase of the project. At the centre of it: Julián Álvarez.

So far, he is not playing along.

Álvarez has made it clear he wants Barcelona. Atlético Madrid, his current club, are just as clear they do not intend to strengthen a direct La Liga rival. The Argentina international returned to training on Sunday after being left out of the squad for the win over Sevilla, a small but telling detail in a transfer story that has become a tug of war on three fronts.

Arteta spoke directly to Álvarez last week, pushing the idea of a Premier League return for the former Manchester City forward. The response was blunt: his priority is Barcelona, and only Barcelona.

Barcelona circling, Atlético resisting

Barcelona have already moved for one Arsenal forward. They have agreed an £8.6m deal to sign Jesus, who is in the final year of his contract and has slipped down the pecking order behind Kai Havertz and Viktor Gyökeres. It is a modest fee for a player of his pedigree, but a reflection of his situation and Arsenal’s willingness to turn the page.

Selling Ferran Torres to Paris Saint‑Germain has sharpened Barça’s need for more firepower. They want another attacker and, despite Atlético’s stance, have not walked away from Álvarez. His profile, age and versatility fit neatly into their rebuild, and his own preference has given them leverage in the court of public opinion, if not yet at the negotiating table.

Atlético, though, have started to lay their own groundwork. They have agreed a deal with Juventus for Jonathan David on an initial loan, with an option to make the Canada forward’s move permanent next summer. That move could easily be read as preparation for Álvarez’s departure. Inside the club, the message is different: they remain determined to keep him, a player they only signed from City in 2024 and see as central to their attack.

Arsenal’s Plan B – and C

Arsenal are not giving up. They still hope the 26‑year‑old might be persuaded to change his mind if Barcelona cannot strike a deal with Atlético. At the same time, they have no choice but to look elsewhere.

Iliman Ndiaye of Everton is one of the names they tracked, a forward whose blend of work rate and creativity suits Arteta’s system. Yet that door is almost shut, with Tottenham in advanced talks over a £60m move for the Senegal international. Another target, Morgan Rogers, slipped away to Chelsea. An ambitious push for Vinícius Júnior never got off the ground, ending with the Brazil star signing a contract extension at Real Madrid.

Every missed target tightens the focus on Álvarez. Every day that passes without progress makes the strategy look riskier.

Wide changes: Martinelli out, Tzolis and Eze in the frame

On the flanks, the surgery is already well under way. Christos Tzolis has arrived to cover the loss of Leandro Trossard on the left, but Martinelli’s expected departure to Al‑Hilal will bite deeper.

The Brazilian, who struck six times in the Champions League last season but only once in the Premier League, is heading for a club‑record £56m sale. He is due for a medical on Monday after being left out of the squad for the opening‑weekend win over Coventry. The fee surpasses the £40m Liverpool paid Arsenal for Alex Oxlade‑Chamberlain in 2017 and underlines just how dramatically the market – and Arsenal’s place in it – has shifted.

His exit opens up a significant vacancy on the left. Eberechi Eze can operate there and offers something different between the lines, but he is not a like‑for‑like winger in the Martinelli mould. The balance of the front line is changing as much as the personnel.

Vieira follows, questions remain

Behind them, another piece is moving out. Vieira is set to join Hamburg permanently for £8.6m after his loan spell there last season. For a player once seen as a creative wildcard for Arteta, it is a quiet end to an Arsenal career that never truly ignited.

So Arsenal stand at a delicate moment. They have cleared space, banked serious money and made bold calls on players who once defined the project. The next step depends on a striker who is training in Madrid and dreaming of Barcelona.

If Álvarez never turns his head towards north London, what does this new‑look Arsenal attack actually become?