Arsenal’s efforts to sign Atletico Madrid striker Julian Alvarez this summer appear to have been unsuccessful, with reports suggesting the Argentina international is poised to join Paris Saint-Germain. Spanish analyst Jose Antonio Martin Otin, known as Peton, claimed on Cadena COPE that Alvarez has already agreed to a move to the French capital ahead of the 2026 summer transfer window.
Arsenal had been monitoring Alvarez’s situation, with transfer insider Graeme Bailey reporting their interest as early as January 2026. The club reportedly held discussions with intermediaries regarding a potential deal for the former Manchester City forward, who previously won the Premier League title twice, as well as the FA Cup and Champions League during his time in England. Alvarez was reportedly open to leaving Atletico Madrid in the summer of 2026.
However, competition for Alvarez’s signature intensified in recent months, with Barcelona also expressing interest as a potential replacement for Robert Lewandowski. PSG manager Luis Enrique was personally keen on acquiring Alvarez, and the club was prepared to meet Atletico’s valuation of £100million (€115.5m, $135m). Despite Arsenal’s willingness to match both the fee and Alvarez’s personal demands, it appears PSG have moved ahead in the race.
Peton indicated that while Alvarez has made his decision, Atletico Madrid have not yet formally approved the transfer. He outlined three possible scenarios for the Spanish club: negotiating a “monumental transfer,” potentially the largest of the season; refusing to sell Alvarez against his wishes; or seeking players in exchange as part of the deal. Peton suggested Atletico could request €100million, along with Desire Doue and Lucas Hernandez, in exchange for the striker. The move would add further firepower to an already impressive PSG attack, while Arsenal will likely need to reassess their attacking options ahead of next season.
