Arsenal transfer news: Gunners hold key trump card to gazump Barcelona for Julian Alvarez

Julian Alvarez is one of the breakout stars of the European season so far and promises to be a major attraction in the upcoming transfer window.

With interest from clubs such as Barcelona, Paris Saint-Germain and Arsenal, the Argentinian forward has yet to secure his future at Atletico Madrid, and the Telegraph has shed light on what could be the Gunners' strategy to come out on top in this scrap.

Arsenal's financial firepower could prove decisive

Arsenal splashed out £270m on signings during the previous summer transfer window, which somewhat hampers their spending power for next season. However, their main rival in the chase for Alvarez is Barcelona, who have been battling financial difficulties for several years and have not exceeded £43m (€50m) on a single signing for five seasons.

That being the case, the Gunners' chances are arguably stronger, even if they need to sell players first. Indeed, signing a striker of Alvarez's calibre will require Mikel Arteta's side to clear out their attacking ranks. Gabriel Jesus, Kai Havertz and Viktor Gyokeres have all failed to nail down an undisputed starting role this season, and one of them is likely to be sold precisely to make way for a new number nine. Beyond that trio, Brazilian Gabriel Martinelli could also be on the market.

That said, the belief at the Spotify Camp Nou is that, with significant effort, Barcelona could return to making a major investment, with Alvarez firmly in their sights. However, Atletico's asking price could prove a stumbling block for the Catalans, with the Argentinian forward valued in excess of £88m (€100m). Barcelona's edge would be sentimental: Fernando Hidalgo, the player's agent, recently admitted that Alvarez has a soft spot for the Catalans because of Lionel Messi.

Arsenal hold a key trump card in the boardroom

While Barcelona are leaning on Alvarez's sentimental ties to Messi-era nostalgia, Arsenal hold a trump card in the boardroom to win over the Argentinian forward. Andrea Berta, the Gunners' sporting director, spent 12 years at Atletico Madrid and was one of the men behind Alvarez's signing back in 2024.

Before joining Arsenal and forming a Spanish-speaking core alongside Arteta in North London, Berta worked with Alvarez for a full season — a connection that could play in the Gunners' favour as they look to bring the Argentinian forward back to the Premier League.

Paris Saint-Germain could enter the race

Long-time admirers of Alvarez dating back to his Manchester City days, Paris Saint-Germain were among the clubs that tried to land the Argentinian in the summer of 2024, when the striker eventually penned a deal with Atletico Madrid. In an interview with L'Equipe last year, Alvarez did acknowledge talks with the Parisians at the time.

With the potential sale of Goncalo Ramos and Luis Enrique's admiration for Alvarez, the French champions could re-emerge in the chase and stake their claim for the player. Compared to the other suitors, the Ligue 1 outfit boast the greatest financial muscle to meet the Colchoneros' asking price.

Alvarez himself is yet to commit to staying at the Metropolitano next season. In a recent interview in March, the forward was quizzed on his future and stopped short of offering any guarantees to the Colchoneros:

"Maybe yes, maybe no (regarding staying at Atletico Madrid)... You never know," he said at the time.