Clubs across Europe are on red alert over Alvarez’s availability after he confirmed his desire to leave Madrid ahead of the 2026/27 season after two trophyless years in the Spanish capital.
Barcelona remain as both Alvarez’s preference for a fresh challenge and the most likely destination for him, despite Atletico’s likely demand of a transfer fee in the region of £130M, which falls well outside their budget.
Los Rojblancos are preparing for crunch talks with the former Manchester City striker, when he returns for preseason training in August, but there’s a growing sense of the battle already being lost for Diego Simeone.
Arsenal are also looking to keep any deal below £100M, as the Premier League champions aim to add more firepower to their attack, and Mikel Arteta could offer Viktor Gyokeres in part exchange as per talkSPORT.
Gyokeres endured a mixed first season at the Emirates Stadum, despite ending the campaign on 21 goals across all competitions, with Gunners fans still uncertain on his overall level.
The Sweden star was a target for Atletico last summer, before deciding to make the move to North London from Sporting CP, and Simeone could be open to considering a player-plus-cash approach.
If all sides accept Gyokeres’ inclusion as a makeweight, that could lower the cost for Arsenal to around £70M, if Arteta pushes hard to bring Alvarez back to English football.