Alvarez left with only Arsenal or Atletico after five-hour meeting and three days absent from training

Julian Alvarez has been absent from Atletico Madrid training for three consecutive days as a marathon late-night meeting with his representatives failed to resolve his future, leaving the Argentine striker with just two realistic paths forward: remain at Atletico or complete a move to Arsenal.

Spanish outlet SERDeportivos reports that the only clubs now in play are Atletico and the Gunners, after Barcelona’s pursuit was firmly shut down by Atleti’s board. The Madrid club issued two public statements within 24 hours making clear they would not sanction a sale to the Catalan side, citing a failure to meet the club’s standards of ethical and professional conduct between clubs.

Arsenal’s interest in the 26-year-old former Manchester City forward has been building as Mikel Arteta looks to strengthen his attacking options. Atletico director Mateu Alemany reportedly travelled to London last week to hold talks with Gunners officials, communicating that the club would demand a fee of €150 million (£128m) for a player who only joined from City last summer.

The situation has grown increasingly uncomfortable for Alvarez at the Wanda Metropolitano. He was jeered by sections of the home support during Atletico’s 2-2 draw with Villarreal on Sunday, a reception that underlines the difficulty of rebuilding his relationship with the fanbase should he choose to stay.

Manager Diego Simeone has publicly backed his striker despite the unrest. “We need strikers, good strikers. We have him, and we have to take care of him,” Simeone said.

Atletico’s board reinforced their stance in a strongly worded statement: “Atletico Madrid is open to negotiations that are part of the transfer market, but always in an ethical and professional manner and with respect between clubs. FC Barcelona have not met these requirements and, as a result, there have been no negotiations, nor will there be any negotiations with them regarding the transfer of Julián Alvarez.”

With Barcelona categorically ruled out and Alvarez’s desire to leave Atletico well established, the coming days are likely to determine whether Arsenal can meet the club’s valuation and bring the World Cup winner back to the Premier League.