Arsenal has identified Atletico Madrid forward Julian Alvarez as their primary transfer target for the current summer window. As of July 25, 2026, reports have emerged regarding the London club's aggressive strategy to secure the Argentine striker, with conflicting information surrounding the mechanics of the deal.

Spanish media outlet Cadena Ser reports that Arsenal is attempting to facilitate the transfer by offering 28-year-old Swedish forward Viktor Gyokeres to Atletico Madrid as a makeweight, alongside a cash payment. Conversely, other reports indicate that the London club has shifted its strategy significantly, deciding to abandon their interest in Gyokeres entirely to focus resources on a massive financial package to finalize the deal for Alvarez. Negotiations between the two clubs remain ongoing, as Arsenal exerts pressure on the Spanish side to conclude the transfer during the current window.