Arsenal transfer news: Julian Alvarez update emerges as director reveals offer for star

Just over a week remains for Mikel Arteta to bolster his squad in the January transfer window in a season where his Arsenal are currently competing on all four fronts

Arsenal fans are living in the present thanks to their exploits in the Champions League and the Premier League this season. But the club could be looking to the future with their business in the transfer market.

A 3-1 away win over Inter Milan on Wednesday saw Mikel Arteta's rattle off seven wins out of seven in the competition as they guaranteed a spot in the last 16. Their success so far has justified their £250million outlay last summer, despite their most expensive signings, Viktor Gyokeres and Eberechi Eze, not yet reaching top form.

However, Arsenal have had a penchant for slipping up at the most crucial of times so Arteta will certainly be hard at work to make sure history does not repeat itself again this season.

Away from results on the pitch, there's still potential for the north Londoners to do business in the transfer market. Here, Mirror Football takes a look at the latest news and rumours surrounding the Gunners.

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Julian Alvarez interest

Arteta may have a plethora of attacking options at his disposal but that's done little to quell the long-standing rumours that the Spaniard is interested in signing Atletico Madrid forward Julian Alvarez in the summer.

Arsenal reportedly considered a move to sign the ex-Manchester City striker before splashing out £63million on Viktor Gyokeres. However, the Swede has not lived up to expectations and with just five league goals in 20 appearances. The Athletic's David Ornstein has now hinted Arteta could revisit a deal for Alvarez at the end of the season.

He added that a potential departure from Arteta's forward line could pave the way for Alvarez's return to English football following his 2024 departure from Pep Guardiola's side. However, the Gunners would face competition for Alvarez, with Barcelona also said to be interested in a move for the star.

In the two-and-a-half years he spent with City, the World Cup winner won two Premier League titles and a Champions League in 2022/23, in what was City's treble-winning season. Since signing for Atletico, Alvarez has scored 40 goals in 85 games but has not yet won silverware with the club.

President admits £17m bid

Arsenal have enjoyed great success with their recruitment in recent seasons. Soon, they could potentially add Crvena Zvezda midfielder Vasilije Kostov to their list of incomings. The north London side, alongside Borussia Dortmund, will have scouts watching the 17-year-old when his side travel to Sweden to take on Malmo in the Europa League on Thursday evening.

Already a full Serbia international, the teenager has been branded the 'Serbian Pedri' and 'Balkan Barella' thanks to his technical ability and versatility that allows him to play in multiple midfield positions.

Speaking to football.london, Crvena Zvezda General Director Zvezdan Terzic revealed that the club have already received a bid worth more than £17m for the youngster. Terzic said: "I can't talk about exactly who has called but we have already received an offer worth €20million (£17.45million) for him."

When asked whether Kostov has the ability to flourish in the Premier League, Terzic immediately answered: "Of course but not just any team, he could play for one of the big six clubs."