Arsenal's sporting director, Andrea Berta, has been undertaking background work on a potential transfer since January 23, positioning the club to react quickly if a deal becomes possible. Berta has experience in negotiating transfers, having previously held the same position at Atlético Madrid and facilitating Álvarez's switch from Manchester City in 2024. The Gunners are willing to surpass their club-record £105 million fee for Declan Rice, paid to West Ham in 2023, to secure Álvarez's signature.
Atlético Madrid may want as much as €150m for the 26-year-old, creating a potential stalemate. Álvarez himself has expressed a preference for a move to Barcelona over a return to the Premier League, which has been strongly resisted by Atlético. The situation has led to ugly scenes at Atlético's Metropolitano Stadium, with Álvarez being booed by fans during Sunday's 2-2 draw with Villarreal. The Argentina international left the pitch rather than acknowledge supporters with his team-mates, a decision made by the club to keep him separate from the rest of the team.
Arsenal are expected to press ahead with other business, including the possible departure of Gabriel Martinelli, who has been deemed surplus to requirements and has already turned down a move to Galatasaray.