According to The Athletic, Atletico Madrid would consider an offer of €150 million for Alvarez, but Arsenal are unlikely to pay that much for the forward.
After expressing his desire to leave, Alvarez was booed and insulted by fans during his first appearance for Atletico Madrid following the transfer request. Barcelona and Arsenal are currently interested in the Argentine striker.
Before the La Liga match against Villarreal, when Alvarez's name was announced at the Metropolitano Stadium, Atletico Madrid fans booed. Around the 60th minute of the match, when Alvarez began to warm up, many fans expressed their dissatisfaction with gestures and words.
In the 67th minute, when Alvarez came on as a substitute for defender Marc Pubill, boos rang out again, and he appeared unhappy. Some fans chanted, “Let him get lost.”
Alvarez failed to make much of an impact on the game, and Atletico Madrid ultimately drew 2-2 with Villarreal. After the final whistle, he did not greet the fans like his teammates, instead heading straight down the player tunnel. An Atletico Madrid scarf was then thrown at his feet.
Atletico Madrid coach Simeone said at the post-match press conference that the club decided not to allow Alvarez to join his teammates in greeting the fans.
Atletico Madrid goalkeeper Oblak said in an interview with DAZN after the match: "We all need to stick together. Julian is here, he is part of the team, and as long as he is with us, we will support him and hope he stays in top form. Unfortunately, this situation makes everyone uncomfortable, but hopefully the problem can be resolved and everyone will be happy at the end of the season."
When asked about Alvarez being booed and what advice he would give him, Simeone said: "I'm not here to give advice. What I need to do is focus on my work and do my best for Atletico Madrid from a sporting perspective."
"The only thing I know is that if Atletico Madrid wants to win titles, it must be united, and the team needs strikers—important strikers. For that, each of us needs to work to solve the relevant problems."
The uncertainty surrounding Alvarez's future is the backdrop to this upheaval. During the World Cup, he said in an interview with ESPN: "A transfer is the best option," and added that he hoped to "fulfill a dream."
Alvarez did not name specific clubs, but multiple sources familiar with the situation believe the "dream" he spoke of was to join Barcelona. Alvarez is Barcelona's top transfer target this summer, but Atletico Madrid has publicly accused Barcelona of trying to sign the player in an underhanded manner.
In addition, The Athletic previously reported that Arsenal have long been interested in signing Alvarez. Real Madrid stated in June that they learned Atletico Madrid had rejected a €150 million offer. However, sources at Atletico Madrid said they did not believe it was a genuine offer.
With the situation appearing increasingly untenable, here is the latest on Alvarez and the likelihood of Barcelona and Arsenal signing him. The Athletic’s reporters interviewed multiple sources who requested anonymity to protect their relationships.
What is Atletico Madrid's stance?
Officially, Atletico Madrid have always insisted that Alvarez will not leave in the summer transfer window, but sources within the club's management say they would consider a €150 million offer.
Real Madrid issued a statement on June 9 stating that Atletico Madrid had rejected the offer. People familiar with the situation on both sides said the offer was not serious and that, in any case, Atletico Madrid would not sell Alvarez to their city rivals.
Atletico Madrid has been reluctant to sell Alvarez to Barcelona, and even more so to Real Madrid. However, the situation might be different if the buyer is Arsenal.
A source close to Atletico Madrid’s management told The Athletic that the only way Alvarez could leave this summer would be if Arsenal made a €150 million offer. However, that offer has not yet arrived, and the source believes the Premier League champions are unlikely to pay such a high fee for the striker.
Following these scenes at the Metropolitano, the source described Alvarez’s situation as “ridiculous” and said that “the transfer window should close now.”
What is the latest on Barcelona's pursuit of Alvarez?
Alvarez remains Barcelona's top target and manager Hansi Flick's preferred choice to strengthen the attack this summer. With Robert Lewandowski leaving to join MLS side Chicago Fire and Ferran Torres moving to PSG, Barcelona currently lack a first-team central striker.
However, in recent weeks, pessimism has grown within Barcelona regarding the prospect of signing the Argentine, especially given Atletico Madrid's tough stance in negotiations.
Sources in the Barcelona dressing room say they know Alvarez wants to join Barcelona. The club's board insists the team is still monitoring Alvarez and is willing to wait until the final stages of the summer transfer window, but Barcelona must also develop contingency plans that do not rely on Alvarez.
Since Atletico Madrid have refused to negotiate, sporting director Deco has begun to consider other striker options. He said in an interview with local media outlet TV3 last week that Barcelona expects to sign a new striker before the transfer deadline.
Deco said: "We have solutions within the team to play at center-forward, but we may act before the transfer window closes."
Deco is looking for other suitable players for the number nine position. Local media reported that Inter striker Lautaro Martinez is being monitored by Barcelona. High-ranking sources at Camp Nou told The Athletic that Barcelona have been scouting Lautaro Martinez, and some within the club admire him. However, Inter believes that the 29-year-old Argentine striker and captain is not for sale.
It is widely believed within Barcelona that Alvarez will not accept a transfer to any club other than Barcelona and is not particularly keen on returning to the Premier League, where he played for Man City from 2022 to 2024.
On Sunday evening local time, Barcelona players watched the Atletico Madrid match at the team hotel before playing Elche in the league.
What is Arsenal's stance?
Although Arsenal have admired Alvarez for some time, they are unsure how willing the player is to move to England. Last week, Arsenal contacted Atletico Madrid and Alvarez's representatives regarding a potential deal.
It is no secret that Alvarez wants to join Barcelona. As The Athletic reported on Friday, Arsenal wants a positive response from the player's camp before proceeding with any negotiations.
Arsenal's top priority this summer is to sign a left winger. According to reports on Sunday, Saudi Pro League side Al-Hilal are pushing to sign their forward Gabriel Martinelli.
However, Arsenal are prepared to adjust their transfer plans. They believe there are not many strikers who can improve the team, so even if Alvarez primarily plays as a central striker, they are willing to pursue a high-caliber forward.
However, sources familiar with the situation say Alvarez still wants to join Barcelona. For Arsenal to make a deal realistic, the player’s stance would have to change.
With just over a week until the September 1 transfer deadline, time is running out for Arsenal to convince Alvarez to change his mind.
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