Arsenal could revive their interest in Atletico Madrid striker Julian Alvarez at the start of 2027, with a potential January move likely to depend on Viktor Gyokeres being sold.
Mikel Arteta remains open to making a significant offer for the former Manchester City forward, and Arsenal are prepared to make funds available for the deal.
However, Atletico Madrid are expected to demand about £120M for Alvarez. Arsenal would therefore need to raise money through at least one departure if they are to part-fund a move for the Argentina international.
According to reports from TEAMtalk, Gyokeres could be the player sacrificed to help finance the transfer. The Sweden striker joined Arsenal from Sporting Lisbon for £45M but endured a mixed first year in North London.
Gyokeres finished the campaign with 21 goals in all competitions. Despite that return, he remains behind Kai Havertz in the pecking order for the first-choice position, a situation that could influence Arsenal’s decision over his future.
Offers of about £64M could be enough to persuade Arsenal to sell Gyokeres, potentially allowing the club to make a renewed approach for Alvarez.
Alvarez’s future became uncertain during the 2026 FIFA World Cup, when he publicly stated that he wanted to leave Atletico Madrid. Barcelona were reported to be his preferred destination, but Atletico refused to sell him to their La Liga rivals amid an increasingly hostile exchange between the two clubs.
The dispute with Barcelona complicated Alvarez’s situation, while the striker was also unconvinced by the prospect of returning to the Premier League. Arsenal’s interest, however, has remained in place.
A move would require Arsenal to meet Atletico’s substantial valuation while also convincing Alvarez that a return to England is the right decision. Any progress could depend on whether Gyokeres attracts an offer close to the £64M figure being discussed.