The Gunners have had a long-term interest in Alvarez and have been monitoring the dramatic situation, with Atletico looking for a fee of 150m euros (£128m). Alvarez has missed multiple training sessions and did not travel to face Sevilla on Saturday, with Atletico coach Diego Simeone saying he wasn't well enough. Simeone has attempted to keep the door open, saying he will "do everything" he can to make Alvarez feel important when he returns to training.
Arsenal's interest in Alvarez comes as the club looks to strengthen their attacking options ahead of the new season. The Gunners have been linked with several other players in recent weeks, but a move for Alvarez would be a significant coup. With the transfer window closing on Tuesday, time is running out for Arsenal to secure their top target.
The outcome of Alvarez's future remains uncertain, with Atletico's refusal to sell him to Barcelona leaving the door open for a move to Arsenal. The Gunners will need to act quickly to secure the signing, with the clock ticking down to the transfer deadline.