The 26-year-old had been locked in contract talks since the start of 2025 as all parties in Madrid looked to tie him down before his previous deal expired in 2027.
Advertisement
Advertisement
The Brazil international eventually agreed terms until 2032 and Arsenal's attempts to land a £100M+ agreement were ended in brutal fashion.
Atletico Madrid striker Julian Alvarez then landed on Mikel Arteta's radar, and reports from Spanish outlet Cadena SER claim his teammates in Madrid were left stunned by the eventual outcome, as they thought the deal was done for him to move on to the Premier League.
Arsenal are expected to re-enter the transfer market in January to bring in attacking reinforcements - but Atletico will not sell the Argentinian mid-season.