Gyökeres vs Alvarez: Arsenal-Atlético swap deal announced in Spain, but player refuses

Arsenal and Atlético Madrid have reportedly reached a preliminary agreement for a swap deal involving Viktor Gyökeres and Julian Alvarez, according to journalist Jordi Jota, who revealed the information Tuesday on Spanish show El Chiringuito. The Gunners would offer their Swedish striker plus €50 million to secure the Argentine international, whom Atlético values between €120 and €150 million.

While the existence of such an agreement between the two clubs cannot be ruled out, its completion faces a major obstacle: Julian Alvarez’s own wishes. The former Manchester City player, who arrived in Madrid in summer 2024, envisages only one destination in case of departure — FC Barcelona. His family, settled in Spain, does not wish to leave the country, which effectively rules out any return to the Premier League two years after his spell at Manchester City.

A colleague of Jordi Jota on the same show provided additional clarity: the player’s agent reportedly confirmed that Alvarez will only leave Atlético to join Barça. Paris Saint-Germain, also interested for several weeks, faces the same refusal for the same reasons.

The matter is all the more complex because Barça does not have the financial means to match Madrid’s demands. Alvarez is under contract with Atlético until June 2030, which places Diego Simeone’s club in a strong position to set its conditions — and to wait for an offer matching its expectations.