The €120m Barcelona mistake that will send Julian Alvarez to Arsenal

Updated: 10 Aug 2026 15:40 BST | 6 min read

Mikel Arteta, Julian Alvarez, Hansi Flick — © IMAGO

Tom Weber | Writer

Multilingual sports writer who specialises in European football and American soccer.

Make us your Google favourite

Julian Alvarez has reported for pre-season at Atletico Madrid, but Arsenal and Barcelona remain hopeful of striking a deal for the Argentine.

Article continues under the video

Even while the 26-year-old was on his post-World Cup break, the transfer speculation hardly stopped for a day. Despite everything that has happened in recent months - with Atletico Madrid making it clear that they do not wish to sell - he remains Barcelona's top target.

High-ranking officials from the reigning LaLiga champions, most notably president Joan Laporta, have now repeatedly spoken about Alvarez in public. The stated goal has been to smooth over relations with their league rivals, but it has actually had the opposite effect.

Current ETV

Julián Álvarez

F (C)

Atlético Madrid

Julián Álvarez

F (C)

Atlético Madrid

ETV Range

€84M - €102.7M

Atleti feel disrespected by Barcelona and have absolutely no intention of doing business with them. Amid all of this, Arsenal have been lurking in the background. Sporting director Andrea Berta signed Alvarez for Atleti in 2024, and he now wants to do the same for the Gunners.

There hasn't been any meaningful progress regarding the situation of the Argentine recently, with Atleti remaining steadfast. According to AS, this will not change, no matter how much Barcelona push for him.

Atleti tell Alvarez to shut up and dribble

Over the weekend, reports emerged that the Catalans' strategy had changed. It was initially thought that they had agreed with Alvarez to make a public statement where he would seek to pressure Atleti into selling him.

However, after a meeting with his agent, it was reportedly decided to attempt to soften up the Madrid club with "dialogue and diplomacy" instead. In this scenario, Alvarez would seek private discussions with club bosses where he would reiterate his desire to leave.

Marcos Llorente, Álex Baena, Julián Alvarez, and Juan Musso return to training. In the coming days, they will follow a specific work plan before joining the group. pic.twitter.com/7Dcxj5Xoa2
— Atlético de Madrid (@atletienglish) August 10, 2026

He has now reported for pre-season, but it is understood that he probably won't talk with manager Diego Simeone until Wednesday. The above-mentioned outlet claims that Atleti will give Alvarez the cold shoulder.

The message from the club is clear: the striker is going nowhere and he ought to say sorry for this Barcelona saga. "Apologise and get to work" is what Alvarez will hear if he tries to approach Simeone, sporting director Mateu Alemany or CEO Miguel Angel Gil Marin with a transfer request.

Atleti will point to club legend Antoine Griezmann as an example for Alvarez that he can still redeem himself. The France international famously left the club for Barcelona for a staggering €120m, but he returned after just two years and admitted that he had made a mistake.

"He has the example of Griezmann, a club legend, a true Atletico icon," the Spanish outlet writes. "Griezmann made a mistake abandoning Atletico to go to Barcelona.

"He came back, admitted his error, apologised... and scored a ton of goals. He turned the boos into cheers. And that wasn't so long ago. And Griezmann left Atletico on a high note [for Orlando City this summer].

It is added that "if he tries to force the issue, he'll hear it from everyone in charge at Atletico. Julian Alvarez needs to keep his head down, understand the situation, get to work and look out for the good of Atletico, the club he signed a five-year contract with and the one that pays his salary."

The report claims that Barcelona know full well that their pursuit of the Argentine is futile. "Julian Alvarez will not play for Barcelona. The Catalan club know this, no matter how much they continue to drag things out."

Arsenal opportunity

This state of affairs is an opportunity for Arsenal. Although it is understood that Alvarez does not want to leave Spain, and Gil Marin has insisted that there will be no talks with any suitors regarding a deal for the striker, Sky Sports reports that there could yet be movement.

The outlet confirms that Atleti will not sell Alvarez to Barcelona, but if the player were to force the issue, the Madrid side could open up to the idea of letting him leave Spain.

Of course, this is a moot point if Alvarez doesn't change his stance on a transfer away from LaLiga, but there will surely be confidence at Arsenal that they could convince him to change his mind.

FootballTransfers previously reported that Arsenal do not necessarily see Alvarez as an out-and-out No.9. If they were to sign him, it would probably end their pursuit of a left-winger because Mikel Arteta is open to the idea of using the 26-year-old in a wider role.

It wouldn't make sense for Arsenal to replace Viktor Gyokeres after just one season given that they splashed big money on him in 2025, and Kai Havertz is also going nowhere this summer.

Why do we mention this? Because Galatasaray have made an approach for Gabriel Martinelli, but the Gunners will not sell without having a replacement lined up. If the interest from the Turkish club were to advance, Arsenal could be compelled to make a strong move for Alvarez.