Alvarez Edges Toward Barcelona as Arsenal's Summer Striker Hunt Hits Snag

Julian Alvarez appears to have made his preference clear in the race for his signature, and it's not good news for Arsenal or Liverpool.

The Argentine marksman, who departed Manchester City for Atletico Madrid last August in a deal worth around £82million, has seemingly set his sights on Barcelona rather than a homecoming to English football. According to reports, Alvarez would sooner remain in La Liga than entertain offers from the Premier League's two interested parties.

Alvarez's time at City proved productive—he was instrumental during their 2022/23 treble-winning campaign, which included their maiden Champions League triumph. His spell in the Spanish capital has been equally impressive on paper: 42 goals and 14 assists across all competitions since the 2024/25 campaign began.

Yet the season has not been uniformly kind to him. After a blistering start—seven goals in 11 La Liga outings—he has since endured a barren spell, managing just a single assist across 14 league matches without troubling the scoresheet. He did manage both a goal and an assist in Atletico's emphatic 4-0 demolition of Barcelona in the Copa del Rey semi-final first leg, however.

The 26-year-old's reluctance to consider a Premier League switch stems partly from his experience at City. Playing second fiddle to Erling Haaland under Pep Guardiola left him yearning for centre stage, which Atletico under Diego Simeone provided. Barcelona, despite the presence of Lamine Yamal in their project and Robert Lewandowski's twilight years, offers the prestige and the No.9 shirt that appeals to him.

Arsenal, managed by Mikel Arteta, have been most heavily linked with Alvarez as they hunt attacking reinforcements. Liverpool, too, have kept tabs on him, particularly given Mohamed Salah and Cody Gakpo's inconsistency this term. The Reds' summer recruitment drive last year has largely underwhelmed, though Hugo Ekitike has been a genuine bright spot—outshining even their British record signing Alexander Isak.

With Alvarez contracted to Atletico through 2030, any interested party would need to stump up in excess of £100million. Transfer expert Pete O'Rourke suggested that whilst Barcelona would be Alvarez's first choice, their financial constraints might prove prohibitive.

"If Alvarez was to leave Atletico, I think he probably would have a preference for a move to Barcelona, but the big concern over that one is whether Barcelona could afford a deal for the Argentine," O'Rourke said. "There will be widespread interest in Alvarez if there is any indication that he could leave. He's such a consistent player and such a good goalscorer as well."

For Liverpool, deploying Alvarez on the flank seems unlikely to entice him—he craves the striker's role. Arsenal could offer him that prominence, but Barcelona's allure, despite its complications, appears to have already won out in his mind.