Arsenal, Barcelona or Atletico? | Where will Julian Alvarez end up? But Arsenal given hope in push to sign Julian Alvarez before transfer deadline.
Atletico Madrid is prepared to sell Julian Alvarez this summer — but only under a very specific condition. According to sources close to the club’s leadership, the Spanish side would consider allowing the Argentina international to leave if Premier League champions Arsenal submit an offer in the region of €150 million.
The revelation comes amid one of the most bitter and public transfer sagas of the window. Alvarez has made clear his desire to join Barcelona, while Atletico have repeatedly insisted they will not sell him to their La Liga rivals. Real Madrid have also been linked, but any move to the Bernabeu has been firmly ruled out.
The One Condition: Arsenal at €150m
While Atletico’s public position remains that Julian Alvarez is not for sale, internal sources paint a more nuanced picture. A source close to the club’s leadership told The Athletic that the only realistic route for Alvarez to leave this summer would be an offer of €150 million from Arsenal.
“The only way Alvarez leaving this summer would be if Arsenal made a €150 million offer. That has yet to arrive,” the source said.
Atletico are understood to be far more open to a deal with a Premier League club than with either Barcelona or Real Madrid. Selling to a direct rival is viewed as unacceptable on principle, particularly after a summer of open hostility with Barcelona.
Earlier in the window, Real Madrid publicly claimed they had made a €150 million offer that was rejected. Atletico sources disputed the seriousness of that bid and reiterated they would never sell Alvarez to their city neighbours under normal circumstances.
Julian Alvarez’s Preference Remains Barcelona
The 26-year-old has been open about his ambitions. During the 2026 World Cup, Alvarez publicly stated that a transfer was the best option for everyone and that he wanted to “fulfil his dream” — widely understood to mean a move to Barcelona.
Barcelona have made multiple attempts to sign him, including a reported €100 million bid that was rejected. Relations between the two clubs deteriorated further when Atletico mocked Barcelona’s interest on social media and later lodged a complaint alleging improper approaches.
Despite the hostility, sources within Barcelona say the club remains interested and is willing to wait until the final days of the window. However, Atletico’s hardline stance has forced the Catalan side to explore alternative options.
Awkward Atmosphere at the Metropolitano
Alvarez’s situation has become increasingly uncomfortable. On his first appearance since making his desire to leave public, the forward was whistled and insulted by sections of the Atletico support during a 2-2 draw with Villarreal.
The Argentine has been largely kept on the fringes of Diego Simeone’s plans in the early weeks of the season. Club officials have insisted he remains available for selection, but the public nature of the dispute has created tension on all sides.
Alvarez signed a long-term contract until 2030 when he joined from Manchester City in 2024 for a fee reported in the region of €81–95 million. That deal includes a release clause of around €500 million — a figure that effectively acts as a deterrent rather than a realistic asking price.
Arsenal’s Position
Arsenal have held a longstanding interest in Alvarez. Manager Mikel Arteta is understood to admire the forward’s versatility, work rate and goalscoring record. The Gunners are prepared to move quickly in the final week of the window if they receive clear encouragement that a deal is possible.
Whether Arsenal are willing to meet a €150 million valuation remains the key question. Such a fee would represent a significant outlay even for the Premier League champions, and would require Alvarez himself to accept a move to north London rather than his preferred destination in Catalonia.
Deadline Day Looming
With the transfer window closing on 1 September, time is running out. Atletico continue to insist publicly that Alvarez is staying. President Enrique Cerezo and CEO Miguel Ángel Gil Marín have both reiterated in recent days that the player is part of their plans and not for sale.
Behind the scenes, however, the €150 million Arsenal threshold appears to be the only realistic exit route currently under consideration. Anything less, or any approach from Barcelona or Real Madrid, is expected to be rejected.
For Alvarez, the coming days will determine whether he can force a move to his dream club, settle for a Premier League alternative, or remain at Atletico against his wishes for at least another season.
What began as a straightforward transfer request has become a high-stakes standoff involving three of Europe’s biggest clubs, a World Cup winner, and a principle that Atletico are so far unwilling to compromise.
