Arsenal close in on Julian Alvarez as £85m Martinelli and Nwaneri exits near

Arsenal are targeting a club-record signing of Julian Alvarez from Atletico Madrid in the final days of the summer transfer window, with the expected sales of Gabriel Martinelli and Ethan Nwaneri expected to generate around £85m to help finance the move.

Atletico have maintained throughout the summer that Alvarez is not for sale, but a complete breakdown in the relationship between the Argentine striker and the Spanish club has shifted their position. After Alvarez was booed by his own supporters on Sunday and submitted repeated transfer requests, Atletico are now reportedly willing to sell for £128m. Arsenal manager Mikel Arteta and sporting director Andrea Berta are said to be admirers of the 25-year-old and are prepared to break the club’s transfer record to secure his signature.

The pursuit of Alvarez comes after deals for primary targets Morgan Rogers and Vinicius Junior failed to materialise. With Alvarez described as the last truly world-class forward available in this window, Arsenal have deliberately held back until the closing stages to assess whether a deal is viable, given Atletico’s firm stance earlier in the summer.

On the outgoing side, Martinelli has been linked with a £50m move to Al-Hilal, while Nwaneri is expected to depart on loan. Together, those exits would account for the £85m financial boost that could make the Alvarez deal workable. Arsenal are also yet to sell Gabriel Jesus, Fabio Vieira, and Reiss Nelson, all of whom are considered surplus to requirements.

Berta has already spent around £200m this summer, bringing in Piero Hincapie, Illan Meslier, Christos Tzolis, Bruno Guimaraes, and Ezri Konsa. Tzolis, signed for £34m from Feyenoord, has contributed a goal or assist in every appearance so far, while Guimaraes and Konsa add Premier League-proven depth to a squad that already claimed the title last season.

With under a week remaining in the window, the Alvarez deal represents the one piece of business that would complete what has otherwise been a significant summer rebuild at the Emirates Stadium.