Arsenal face £128m demand from Atletico Madrid as Alvarez pursuit intensifies

Atletico Madrid have set a minimum asking price of €150m (£128.3m) for Julian Alvarez, with Arsenal yet to table a formal bid for the Argentine striker, according to The Athletic. The figure represents a significant financial commitment for a Gunners side that has already spent close to £200m this summer, and a source close to Atletico’s leadership reportedly believes it is unlikely Arsenal will match that valuation.

Arteta’s side have been tracking Alvarez for some time, with the 24-year-old widely regarded as one of the manager’s primary targets. As Arsenal’s pursuit of other forwards — including Vinicius Junior — failed to materialise, interest in the World Cup winner has only intensified. Atletico’s official position throughout the summer has been that Alvarez is not for sale, though the Spanish club are understood to be specifically resistant to selling to domestic rivals Real Madrid and Barcelona rather than to Premier League clubs.

Real Madrid announced in June that a £128m offer for Alvarez had been rejected, though sources at Atletico disputed whether that bid was a genuine proposal. Alvarez’s own reported preference for a move to Barcelona has been cited as one of the main obstacles complicating Arsenal’s approach.

The situation at Atletico appears to be growing tense. Alvarez was jeered by his own supporters during Sunday’s draw against Villarreal, and a club official reportedly asked him not to applaud the fans at the final whistle. He was seen walking down the tunnel alone amid the boos — a visible sign of the friction his transfer saga has created.

Arsenal have moved decisively in this window, bringing in Piero Hincapie, Illan Meslier, Christos Tzolis, Bruno Guimaraes and Ezri Konsa as Arteta looks to defend the Premier League title and mount a deeper Champions League challenge. The squad’s early form has been encouraging — a 3-0 Community Shield victory over Manchester City was followed by a 3-0 Premier League opening win over Coventry City — but sporting director Andrea Berta is still working to add a world-class attacking option before the window closes on 1 September.

Several players are also being monitored for potential exits, with Gabriel Martinelli, Reiss Nelson and Gabriel Jesus among those linked with moves away from the Emirates.