Alvarez remains the focus of huge transfer speculation over his statement during the 2026 FFA World Cup that he wanted to leave Atletico Madrid this summer.
Los Rojiblancos have rejected transfer offers from Real Madrid and Barcelona as they seek in excess of €150M as part of any possible exit.
Barcelona club president Joan Laporta has today upped the stakes by stating his transfer offer still stands alongside his readiness to negotiate with Atletico.
In response, Atletico have called out Barca's conduct in the transfer saga, and clamed there is '0% chance of a sale' to the defending Spanish champions.
That has reopened the door for Arsenal, who have been linked with an initial €120M bid, but sources in his native Argentina claim Alvarez has no plans to return to England.
Argentinian journalist Gaston Edul claims the former Manchester City attacker only wants to stay in Spain.
"It's a personal and family decision from Julian Alvarez to not return to England - it’s not in his plans. That’s why nothing has happened with Arsenal. Atletico are still not showing any openness to deal with Barca."