Arsenal ready to sacrifice two key stars to sign Julian Alvarez

Tom Weber

31 Jan 2026 04:30 CST
3 min read

Arsenal are ready to offer up Gabriel Jesus or Gabriel Martinelli to sign Atletico Madrid superstar Julian Alvarez, according to a report.

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The Argentine is the subject of intense speculation as his future is expected to come under the microscope in the summer. Alvarez is unhappy about Atletico Madrid's lack of competitiveness and failure to win titles and is believed to be open to a departure.

It is no secret that Barcelona view the 25-year-old as a top target to replace Robert Lewandowski. Sporting director Deco is said to have already held talks with Alvarez's representatives, but there are major question marks over the Catalans' ability to finance a deal.

Atleti are likely to demand a fee north of €100 million for their superstar striker, having previously signed him for a sum that could rise to €95m. As a result, a move elsewhere may be more realistic.

PSG are long-standing admirers, and Alvarez himself confirmed last year that the Ligue 1 giants attempted to sign him in 2024. It has been suggested that the reigning European champions could offer Atleti players in return.

Arsenal also eye Alvarez swap

Arsenal are also said to be keen on Alvarez, and TEAMtalk claims that they would be open to sacrificing players to sweeten the deal for him as well. Director Andrea Berta knows the Argentine well, of course, having signed him for Atleti.

The report asserts that Arsenal are willing to discuss the future of Gabriel Martinelli and Gabriel Jesus in relation to a move for Alvarez. The Colchoneros previously explored deals for both.

Arsenal are not actively pushing the pair out of the club, but they are willing to listen to offers this year. As a result, it has been suggested that they could include one in the deal for Alvarez.

Due to financial regulations, these moves would likely be separate deals, similar to the agreement that saw Conor Gallagher join Atleti and Joao Felix head to Chelsea in 2024.

Although Arsenal would have no problem paying for Alvarez, they need to be mindful of UEFA's Squad Cost Ratio rule. Last summer's spending spree likely means that one or two big sales will have to be made in the next window.

An informal swap for Alvarez could be an ideal solution.

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