The 26-year-old scored a sensational goal in added time to give Argentina a 2-1 lead in their World Cup quarter final and ultimately secure the win.
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Alvarez has been heavily linked with a move away from Atletico this summer, with the player openly admitting that he would like to leave.
Barcelona are keen on signing him as a replacement for Robert Lewandowski, while Real Madrid made a €150 million bid as part of Florentino Perez’s presidential campaign, although the validity is in doubt.
Now, according to The Independent, Arsenal, who have held a long-term interest in Alvarez, are back in for the striker.
It’s understood that Mikel Arteta’s side are looking to get the move done quickly, preferably before their pre-season starts.