Arsenal and Chelsea in mix for La Liga hitman

London’s two heavyweight clubs have stepped into the foreground of the Julián Álvarez sweepstakes after Atlético Madrid privately warned that any deal for the Argentina striker must be sealed before August and will cost well above £100 million, according to information reaching both Premier League sides on a weekly basis.

Sources with knowledge of the discussions told TeamTalk that Atlético have modelled their valuation on the €120 million fee Barcelona paid for Antoine Griezmann in 2020, a club-record departure the Spanish champions are determined to replicate should Álvarez push for an exit. The instruction to the player’s representatives is explicit: reach a resolution early in the window or remain at the Metropolitano for the upcoming campaign.

Barcelona retain pole position in the eyes of the 24-year-old forward, yet the Catalans’ ongoing financial restraints have prevented them from submitting an offer that satisfies Atlético. That vacuum has encouraged Arsenal and Chelsea to maintain dialogue that began in January, with intermediaries now briefing both London clubs on developments every seven days.

A senior figure involved in the negotiations said: “We all know Barca is Julian’s priority, but not to the point where he is saying a total no to everyone else. As it stands, if he does not stay in Spain, he is likely heading to London. It is widely known Arsenal and Chelsea love him, he is an elite player and an elite player with Premier League experience.”

Arsenal are preparing to accelerate their pursuit, exploring creative structures to lower the headline cost. Internal conversations have included the possibility of including Gabriel Jesus or Gabriel Martinelli as makeweights, a nod to the north London club’s desire to balance squad evolution with financial prudence. Sporting director Edu’s 12-year tenure at Atlético before moving to Emirates Stadium is viewed inside the club as a subtle advantage in navigating the notoriously hard-line stance of the Madrid outfit.

Chelsea, meanwhile, regard Álvarez as a versatile No. 9 capable of raising both goal output and tactical flexibility. The club’s new ownership have demonstrated a willingness to back marquee signings and believe the player’s familiarity with English football, honed during his trophy-laden spell at Manchester City, reduces adaptation risk.

Atlético’s position is non-negotiable: the price starts at nine figures and the paperwork must be completed inside the next seven weeks. The Spanish club will engage with suitors only on those terms, eliminating the prospect of a drawn-out saga that could destabilise their pre-season plans.

For Arsenal supporters, the prospect of landing Álvarez represents a potential watershed moment in the club’s quest to convert recent title challenges into tangible silverware. His capacity to press from the front, combine in tight spaces and deliver in high-stakes fixtures aligns with the profile Mikel Arteta has targeted to complement his fluid attacking system.

Chelsea fans will interpret the links as evidence of ambition to return the club to the Champions League places after a season of transition. A proven scorer with big-stage experience addresses a gap that has undermined their recent campaigns, though questions persist over whether the club can out-muscle Arsenal at the negotiating table while adhering to broader squad-building parameters.

With Atlético’s deadline looming, both clubs must decide whether to match the Spanish side’s valuation or risk watching one of Europe’s most coveted forwards move elsewhere. The coming fortnight is likely to determine whether the Argentine’s next destination is Barcelona, should the Catalans find an economic solution, or one of two London rivals prepared to meet the market rate for a player who could tilt the balance of power in next season’s Premier League.