Arsenal have entered the race for Atletico Madrid striker Julian Alvarez in serious fashion, submitting a formal offer of 120 million euros for the Argentine international. The bid puts Arsenal in direct competition with FC Barcelona, who have been pursuing Alvarez for several weeks and held talks with his agent earlier this week. Atletico Madrid are understood to welcome the rivalry between two major clubs, which is pushing the likely fee well beyond early estimates.
Alvarez has previously indicated a preference for a move to Barcelona, but Arsenal now represent a genuine alternative with Champions League football and a competitive squad under Mikel Arteta. Both clubs are eager to complete any deal before Alvarez joins up with the Argentina squad for the 2026 World Cup on 17 June.