Arsenal hold ‘discreet’ talks over blockbuster Julian Alvarez signing as striker’s ‘preference’ puts Chelsea on red alert

Arsenal and Chelsea have held talks with intermediaries about a move for Atletico Madrid star Julian Alvarez, with the former Manchester City man’s future in the Spanish capital increasingly in doubt, as Barcelona face obstacles to signing him.

TEAMtalk understands that Alvarez is growing increasingly frustrated with life at Atletico Madrid, and that dissatisfaction has pushed him firmly onto Barcelona’s list of priority attacking targets.

The Catalan giants admire him hugely, but sources close to the situation have told us that while Barca would be Alvarez’s preferred destination, the club’s long‑standing financial constraints continue to complicate any major deal.

Because of that uncertainty, intermediaries connected to the player have begun sounding out alternative options, having already spoken extensively with Alvarez’s camp about what he wants next.

Paris Saint-Germain, who are known admirers, have been made aware of his potential availability, but a sensational return to the Premier League is also being considered.

We have been informed that Alvarez, having already experienced life in Manchester, would only entertain a move back to England if it meant relocating to London.

A source with knowledge of situation exclusively told us: “There are no guarantees that Julian remains with Atletico beyond this season. That can’t be denied.”

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Arsenal, Chelsea could swoop for Julian Alvarez

Alvarez’s stance on an Atletico exit has led to discreet conversations with both Arsenal and Chelsea – two clubs who have tracked him since his River Plate days and whose interest has never fully disappeared.

Indeed, sources confirm the London sides have maintained a watching brief on his form in Spain.

Despite heavy spending in recent windows, both clubs remain opportunistic when elite talent becomes available, and we’re told they both view Alvarez as a world‑class forward capable of elevating their attacking options.

The 25-year-old has notched 11 goals and five assists in 28 appearances across all competitions for Atletico this season, though even as the club’s top scorer in LaLiga, he has come in for some criticism for not scoring more.

But the Argentine international’s proven pedigree in English football will no doubt be tempting Arsenal and Chelsea.

He contributed 36 goals and 19 assists in 109 appearances for Man City, winning two Premier League titles, a Champions League and an FA Cup.

Alvarez, who joined Atletico for £82million, is contracted with Atletico until 2030. This puts them in a position to demand a huge fee for his signature, but he is a player to keep a close eye on.

Latest Arsenal news: Arteta exit fears debunked / ‘Brazilian Pedri’ eyed

Meanwhile, former Arsenal star Mikael Silvestre believes that Mikel Arteta will remain Arsenal manager for the foreseeable future, amid links with Real Madrid and Barcelona.

“His loyalty is strong, and any club, no matter how big or attractive, would have to work hard to convince him,” Silvestre exclusively told us. You can read his full comments HERE.

In other news, Arsenal have been linked with a move for 20-year-old starlet Breno Bidon – a talented midfielder for Corinthians, dubbed the ‘Brazilian Pedri.’

Reports suggest that the Gunners would need to pay R$150million (£21m / $28m) to sign the youngster this month.