During a dramatic 48-hour spell in which the Julian Alvarez saga triggered a media storm in Spain, Arsenal have continued to go about their business quietly in the background. The belief at the club is that a major calculation could still come good.

Mikel Arteta has for some time known that Alvarez’s preferred destination was Barcelona, and he has respected that. Arsenal, however, were equally aware that their Catalan rivals would find the deal difficult to complete. As far back as May, it was already understood that Barca had significant work to do to make the finances add up, and that was before their worsening relationship with Atletico Madrid hit this particularly bleak low.

On Thursday, Atletico finally made their official stance clear, communicating that they will “never , ever” sell Alvarez to Barcelona. That message came while key representatives from both clubs — and Arsenal as well — were attending the Champions League draw in Monaco. Unsurprisingly, that created plenty of intrigue, along with some amusement, among those present.

There was, however, a serious side to it too, as Atletico’s Gil Marin said Alvarez was going through “a difficult situation on both a personal and professional level”, caused by “people who have taken it upon themselves to deceive him, to confuse him”.

The 26-year-old has plainly had a great deal to think about, which makes any decision this weekend more complicated, but multiple sources say he had already been giving increasing consideration to the possibility of joining Arsenal.

Intermediaries have stressed to him that Arteta intends to use him in the role that best suits him in Arsenal’s attack, something that would allow both the player and the team to reach the next level; that together they can win the Champions League.

It is a persuasive case, but also suddenly a lot for him to decide in a very short period. Atletico want some form of clarity by Friday evening at the latest. Yet if that ultimately means Alvarez becomes open to a move to Arsenal, it would underline how the club have truly kept their nerve over the long term.

Arteta had identified the former Manchester City forward as one of his ideal targets deep into last season, and he kept that interest alive even after learning that Barcelona was the player’s dream move. The thinking was that the Catalan club would eventually struggle to get the transfer done, potentially creating an opening for Arsenal to step in.

And accordingly, the English champions have received growing encouragement — even if only in small steps — over the past two weeks.

There is still an enormous amount left to sort out, including agreeing a fee with Atletico if matters progress that far. That is where things could become complicated. Even on that front, Atletico are taking a hard-line position and want a total package worth €150m.

Arsenal sporting director Andrea Berta did, of course, come from Atletico, and there is a chance that could help smooth the negotiations. In another edge that Barcelona did not have, Arsenal are in a position to send attacking players the other way. Viktor Gyokeres is currently viewed as the most appealing option.

If Arsenal do eventually complete the deal, it would also represent a very unusual case this summer of a Premier League club actually finishing the business they set out to do.

That stands out even more in a transfer window — and especially in its closing phase — where many of the richest clubs, including those long regarded as the smartest at squad planning, are scrambling around for major signings. Some are starting to look frantic.

Arsenal may also be working late on one signing, but it is part of a broader strategy in which Alvarez was one of a small number of targets who matched exactly what they were looking for. Only Brentford, Brighton and a few other clubs can claim something similar.

And if Arsenal do not land him, they are relatively calm about it.

There is some surprise internally that they allowed Gabriel Martinelli to leave before bringing in an alternative for that area, although some sources believe it could lead Arsenal to pursue Manchester United’s Marcus Rashford on a temporary deal.

Overall, though, the squad is in a healthy position.

It is almost exactly where Arteta wants it, apart from that one remaining piece. And Alvarez is not merely another piece, but the attacker viewed as taking this squad from one the manager is very pleased with to the one he sees as ideal. He is the player Arteta believes can lift his attack to another level.

That is one reason why this transfer has so many layers to it.