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Arsenal readying player-plus-cash offer in mega Julian Alvarez transfer bid

Arsenal are still keen on signing Julian Alvarez from Atletico Madrid and are reportedly willing to offer up one of their key stars

[Julian Alvarez of Argentina looks on during the FIFA World Cup 2026 Final match between Spain and Argentina at New York New Jersey Stadium on July 19, 2026 in East Rutherford, United States. (Photo by Jose Breton/Pics Action/NurPhoto via Getty Images)]

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Julian Alvarez is being pursued by Arsenal(Image: NurPhoto, NurPhoto via Getty Images)

Viktor Gyokeres could be offered up to Atletico Madrid by Arsenal as a makeweight in any deal to sign Julian Alvarez.

Mikel Arteta's side recently announced the 34million arrival of Christian Tzolis from Club Brugge, having already brought in Illan Meslier as a free agent from Leeds United, while also making Piero Hincapie's loan move from Bayer Leverkusen a 34m permanent transfer.

However, Alvarez has been a transfer target for the reigning Premier League champions all summer. Arsenal had the rug pulled from under them in their pursuit for Morgan Rogers, who was signed for 117m by Chelsea, while the Gunners were negotiating with Aston Villa.

With the England international out of the picture, Alvarez appears to be back at the top of Arteta's transfer list. It's even been claimed that Arsenal are so interested in the Argentina international that they could offer up Gyokeres as part of any transfer deal.

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As per the Times, Arsenal are keen to present the Swedish player to Diego Simeone's team as part of a player-plus-cash deal for the Argentinian World Cup victor. Last summer, Gyokeres made the switch to the Gunners from Sporting and experienced a varied debut season.

He contributed 21 goals and three assists in 55 outings across all competitions, a commendable performance, but not one that sparked the same enthusiasm as the 54 goals and 13 assists he netted during his final campaign with Sporting.

That campaign convinced the Gunners to splash out approximately 64m on the Swedish international, who netted one goal and provided two more at the World Cup. Following the Champions League final defeat, Arteta made it evident his team must recruit more world-class talent if they are to continue claiming major silverware.

[Arsenal's Swedish striker #14 Viktor Gyokeres (R) shakes hands with Arsenal's Spanish manager Mikel Arteta (L) as he is substituted during the English Premier League football match between Leeds United and Arsenal at Elland Road in Leeds, northern England on January 31, 2026. (Photo by Oli SCARFF / AFP via Getty Images) / RESTRICTED TO EDITORIAL USE. No use with unauthorized audio, video, data, fixture lists, club/league logos or 'live' services. Online in-match use limited to 120 images. An additional 40 images may be used in extra time. No video emulation. Social media in-match use limited to 120 images. An additional 40 images may be used in extra time. No use in betting publications, games or single club/league/player publications. /]

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Gyokeres had a mixed debut campaign at Arsenal(Image: OLI SCARFF, AFP via Getty Images)

He said: "We'll [have to] start to make some very important decisions if we want to reach another level. We're going to have to show that ambition.

"We are more than capable of doing it, but it's going to demand being very, very ambitious, very fast and very smart."

Thus far, the transfer window has proved challenging for Arteta's outfit. They were caught off-guard by Chelsea abruptly submitting a 117m offer to secure Aston Villa midfielder Morgan Rogers following several weeks of talks with the Midlands club.

[COBHAM, ENGLAND - JULY 21: Chelsea FC Unveil New Signing Morgan Rogers at Chelsea Training Ground on July 21, 2026 in Cobham, England. (Photo by Darren Walsh/Chelsea FC via Getty Images)]

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Rogers was heavily linked to Arsenal before Chelsea trumped the Gunners with a huge bid(Image: Darren Walsh, Chelsea FC via Getty Images)

Bradley Barcola of Paris Saint-Germain is also believed to feature on Arteta's wishlist. Additionally, Arteta may seek fresh defensive reinforcements with William Saliba scheduled to have back surgery this summer.

A potential swoop for free agent and England World Cup star John Stones has been discussed, while Ezri Konsa from Villa has similarly been earmarked as a possible acquisition. Bruno Guimaraes of Newcastle United also sits atop their priorities, especially with Declan Rice battling his neural hamstring problem at the World Cup.

Arsenal's Premier League title defence commences on August 21st, when they welcome newly promoted Coventry City.

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