Arsenal transfer news: Gunners 'stance' on Julian Alvarez becomes clear amid continued Barcelona talk

Arsenal have reportedly not given up hope of signing Atletico Madrid forward Julian Alvarez during the summer transfer window.

Alvarez is currently preparing to represent Argentina against England in Wednesday's World Cup semi-final.

However, the 26-year-old's future remains a hot topic for debate, with the player having already publicly acknowledged that he would prefer to take on a new challenge.

Barcelona are known to be Alvarez's preferred destination, yet it is unclear whether the La Liga champions have the financial firepower to meet Atletico's demands.

Nevertheless, according to Sky Sport Italia's Luca Bendoni, Arsenal have not ruled themselves out of the race.

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Where do Arsenal stand on Alvarez move?

The report claims that Arsenal and Atletico officials have recently held direct discussions.

Talks are said to remain ongoing, with Arsenal sporting director Andrea Berta having previously worked with Atletico.

As per Sky Sports News, Atletico would prefer not to sell, and Arsenal are yet to indicate that they are willing to meet the player's asking price.

While a specific figure is unclear, the Spanish giants are expected to want at least £120m for a player who they signed for £81.5m.

Not only has Alvarez contributed 49 goals and 17 assists from 106 appearances, he still has four years left on his contract.

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Could Barcelona still sign Alvarez?

At this point in time, Barcelona are said to be prepared to pay in the region of £100m to sign Alvarez.

Sky Sports News adds that they may be ready to go as high as £110m if they can raise additional funds.

Barcelona are also signing Borussia Dortmund's Karim Adeyemi, yet it is suggested that deal should not negatively impact on any offer for Alvarez.