Julian Alvarez and Atletico Madrid are still together for now, but the relationship appears close to collapse, with the striker’s future before 1 September still very much unresolved.

Supporters no longer want to see Alvarez in the side, while Atletico Madrid are equally unwilling to sell him to Barcelona. Arsenal, however, have emerged as a possible destination, with the London club having placed Viktor Gyokeres and Gabriel Martinelli on the market as they assess a move.

For the moment, Alvarez remains an Atletico Madrid player. But although he arrived at the Metropolitano from Manchester City in August 2024 for more than £80 million, roughly €95 million, the possibility of an exit remains strong. One thing is clear: the Argentina international will not be joining Barcelona, despite having had an agreement with them since May. Atletico have taken a firm position against doing business with their blaugrana rivals, believing Barcelona crossed a line by contacting a player who was already under contract. The same stance applies to Real Madrid. For the club from the Spanish capital, it is both a financial issue and a matter of principle: Alvarez will not be allowed to join another Spanish club. Even so, there is now less certainty over him staying than there was only a few days ago.

Irreparable breakdown with the club and the fans

The mood around the situation has changed from “he stays” to “he could leave abroad”. In reality, it is increasingly difficult to imagine him remaining and repairing his bond with either the club or the supporters, with the split now appearing beyond mending. Fans are angry not so much because he wants a fresh start, but because of the way he pushed for a transfer: comments made during the Club World Cup, pressure applied by his agent, and the influence of the Catalan media. For many, the best outcome is now his departure.

The former River Plate forward was named on the bench against Villarreal yesterday. When he came on in the 66th minute in place of Pubill, he was greeted by whistles and was unable to make any real impact on the match. Then, after the final whistle, the situation deteriorated further. While the rest of his team-mates went over to the stands to acknowledge and thank the supporters, Alvarez headed straight towards the dressing room and did not join the rest of the squad.

Future at Arsenal?

Atletico Madrid have set Alvarez’s release clause at €500 million, but that figure applies only to Spanish clubs. In practice, he could leave for much less, although the fee would still be comfortably above €100 million. According to reports in England, the Colchoneros are seeking €150 million for his registration. Arsenal are giving the possibility serious thought and intend to finance such a move through player sales, including Gyokeres, who is a Barcelona target, and above all Martinelli, who is no longer part of the project and is wanted by Al Hilal.

According to Marca, Alvarez is not attracted by the prospect of joining any side other than Barcelona. He would also be very hesitant about returning to the Premier League after his spell at Manchester City, with family and visa-related reasons also influencing his thinking.

What happens if he stays

According to the Spanish press, if Alvarez remains in Madrid, Diego Simeone will try to rebuild the relationship with the support of Jan Oblak and the dressing room. But there is no assurance that the fans will accept a second chapter similar to Antoine Griezmann’s. The Frenchman left for Barcelona in 2019 and returned to Madrid in 2021 after admitting he had made a mistake, before winning back trust through his performances on the pitch. Alvarez may not be given that same opportunity.