Julian Alvarez has rejected Arsenal in favour of Paris Saint-Germain.
That's according to a bombshell report from the Spanish media, claiming that Atletico Madrid star Alvarez has already “transferred” to the European champions, ahead of their meeting with Arsenal in the Champions League final later this month.
With PSG also interested in Gunners forward Gabriel Martinelli, there are plenty of moving parts in this saga.
Julian Alvarez has “transferred” to Paris Saint-Germain already, leaving Arsenal bereft
After an impressive season in the Champions League in which Alvarez has scored 20 goals and helped lead Atletico to the semi-finals – where they lost 2-1 on aggregate to Arsenal – Spanish outlet COPE have relayed comments from analyst Jose Antonio Martin Otin, AKA, ‘Peton’ that Alvarez has already decided on his next move.
Peton has claimed that the former Manchester City star – ranked at no.5 in FourFourTwo's list of the best strikers in the world right now – has “already been transferred to PSG” ahead of being named in Argentina's squad for World Cup 2026, rejecting overtures from North London.
According to the analysis, however, several options remain on the table for Atleti – who are already losing talismanic forward Antoine Griezmann this summer.
Diego Simeone's side are said to “hold all the cards”, demanding an astronomical for the striker after The Athletic claimed in 2023 that Alvarez's transfer to the Metropolitano cost Atletico €95m.
Peton has noted that the transfer to take the 26-year-old to Paris could see a player move in the opposite direction on top of the nine-figure fee, with Goncalo Ramos and Lucas Hernandez mooted as options.
FourFourTwo understands that the Gunners have shown an initial interest in the forward, along with the likes of Junior Kroupi, but that the Gunners might have to break their transfer record in order to bring the former City star to the club.
Gabriel Martinelli's future is still uncertain at London club, but with interest from European giants, it's possible that Arsenal could have a summer in which they sell big in order to strengthen.
Ethan Nwaneri and Myles Lewis-Skelly are two homegrown Hale End prospects who could fetch significant fees, too – though the possibility of selling Ben White has been complicated by the defender picking up a ligament injury last weekend.
Arsenal are also interested in another midfielder to strengthen their depth.
Alvarez is worth €90m, according to Transfermarkt. Arsenal return to Premier League action on Monday night against Burnley.
