Both Arsenal and Chelsea lost the opportunity to complete any late business in the January transfer window when it closed more than a week ago, but speculation has continued to swirl as the campaign goes on.
Tuesday became a notable day for discussion surrounding the future of a former Premier League striker who has been strongly linked with a return to England. That player is Julian Alvarez, the ex-Manchester City forward who is reportedly on the radar of both the Blues and the Gunners ahead of the summer window.
Chelsea and Arsenal already invested heavily in attacking options last summer, with Joao Pedro and Liam Delap arriving at Stamford Bridge for a combined fee of £90 million. At the same time, Arsenal spent £55 million to bring Viktor Gyokeres to the Emirates.
Chelsea ‘making progress’ in Julian Alvarez talks
Even so, both clubs remain open to strengthening further, and the adaptable Alvarez would represent an attractive option. The 26-year-old has produced 40 goals and 13 assists for Atletico since joining the club in 2024.
Earlier on Tuesday, LondonWorld cited reports from ESPN Argentina claiming that Chelsea were “making progress” in discussions to sign Alvarez at the end of the season and were leading Arsenal in the race for his signature.
The striker originally cost Atletico around £84 million two years ago but is now believed to be seeking a fresh challenge. Arsenal sporting director Andrea Berta was the man who brought Alvarez to Madrid in 2024, which could potentially give the Gunners an advantage.
Arsenal remain strongly involved as Chelsea face setback
Despite suggestions that Chelsea had taken the lead, TEAMtalk later reported that Arsenal are also “in talks” with Alvarez through his representatives. The report adds that Berta is “prepared to act swiftly” to outpace the Blues, with a move to Barcelona no longer viewed as the player’s preferred option.
Atletico Madrid head coach Diego Simeone dismissed speculation about an imminent Alvarez departure. When asked about the rumours, he said: “Seriously? Are you really asking me that? The truth is that Julian Alvarez speaks for himself, because of his name, the authority he has, and the career he has built.”
Alvarez’s agent, Fernando Hidalgo, also addressed the situation, stating: “Any club interested in Julian must contact Atletico Madrid directly, as he is under contract and committed to the club. That information is not true, and I have not met with Deco or anyone from Barcelona during this period.”
Journalist Pete O’Rourke recently provided an update on Alvarez, speaking to Football Insider: “Alvarez is a top-class player and has already shown his quality. He was named South American Footballer of the Year and is proven in the Premier League after winning the title multiple times with Manchester City.
“It would be a massive decision for Atletico to even consider selling him, and you would be looking at a fee of around £80 million or more. He is contracted until 2030, and there has been discussion that Atletico want to extend his deal. If there is any sign that Alvarez might leave, the biggest clubs across Europe will be lining up to try and sign the Argentine.”
In other news, Arsenal are reportedly told to pay up to £100 million for a target who is being monitored by both Manchester United and Manchester City.
