Man City's move for Gakpo could open the door for Arsenal to sign Julian Alvarez

Arsenal’s pursuit of Atletico Madrid forward Julian Alvarez has received an indirect boost, with Manchester City understood to be closing in on a deal for Liverpool winger Cody Gakpo ahead of the transfer deadline.

City had been linked with both players, but with talks over Gakpo now advanced and all parties working toward an agreement, it appears increasingly unlikely the club would complete two significant attacking signings in the same window. That scenario, if it plays out, would remove one of Arsenal’s most credible rivals for Alvarez.

Atletico have already narrowed the field themselves. The Madrid club issued a formal statement this week ruling out any sale to Barcelona, citing a breakdown in professional conduct between the clubs. “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,” the statement read, adding that Barcelona “have not met these requirements” and that no negotiations had taken place nor would take place regarding Alvarez’s transfer.

With Barcelona blocked on ethical grounds and City potentially redirecting their funds toward Gakpo, Arsenal are left as the most prominent remaining suitor — though the path is far from straightforward.

The central obstacle is Alvarez himself. The Argentina international has spent much of the summer with a move to Barcelona as his preferred destination, and it remains unclear whether he would be willing to consider the Emirates as an alternative with the window entering its final days. Manager Mikel Arteta is said to be open to sanctioning a significant fee, but only if the player is genuinely willing to make the move.

Arsenal have already been active in this window as they look to mount another Premier League title challenge. The club have completed deals for Bruno Guimaraes, Ezri Konsa, Christos Tzolis, and Piero Hincapie, representing a substantial outlay across multiple positions.

Whether they can add Alvarez to that list before the deadline depends as much on the player’s own ambitions as on the financial and competitive landscape now shifting in Arsenal’s favour.