It’s understood that Arsenal are still looking to add a new forward before the end of the transfer window but won’t be making signings for the sake of it.
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Atletico’s Alvarez has been a long-term target for the reigning Premier League champions, although he would prefer a move to Barcelona.
Per Fabrizio Romano, Arsenal held a meeting with Atletico Madrid director Mateu Alemany in order to find out conditions of a potential deal.
For now, though, Atletico’s asking price remains too high and Alvarez isn’t interested in returning to England any time soon.