Manchester United open Julian Alvarez talks as Arsenal hold edge

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According to that briefing, Álvarez has told Atlético Madrid he wants to leave. “The best thing for me is a transfer and I want to fulfil my dream,” he said. “I don’t want to hide or act like I don’t want to be clear. I spoke to Atletico people and I think the best for everyone involved is for me to leave.” That statement has triggered a scramble among Europe’s wealthiest clubs. Manchester United have reportedly made direct contact with Álvarez’s representatives, with the club confident they can comply with financial regulations despite a £113.2 million net loss in their latest accounts. United have faced UEFA scrutiny before — they received a €300,000 fine for minor breaches between 2019 and 2022 — but the INEOS investment and cost-cutting measures have kept them on the right side of the rules in recent periods. Champions League qualification this season has also given them the financial flexibility to pursue a marquee signing, and there is speculation that Atlético Madrid’s interest in some United players could lead to a part-exchange deal.
Arsenal, who have held a long-standing interest in Álvarez for more than a year, are also monitoring the situation. Mikel Arteta considered signing the forward last summer before opting for Viktor Gyökeres. Barcelona, according to reports, remain Álvarez’s preferred destination, with an agreement on personal terms for a five-year contract alleged to be in place. However, Atlético Madrid have refused to negotiate with the Catalans, pointing to the player’s €500 million (£431 million) release clause. Barcelona’s proposed offer is around €120 million fixed, with add-ons that could take the total to €130–€135 million. Real Madrid have already had a €150 million (£130 million) bid rejected by Atlético, and Paris Saint-Germain are linked with a potential bid in the €140–€150 million range.
At the centre of it all stands Atlético Madrid, who are reportedly reluctant to sell and have kept a firm stance. They have rejected substantial offers and insist that any club must trigger the release clause. That clause is the same figure — €500 million — that was written into the contract when Álvarez moved from Manchester City to Atlético in August 2024. That transfer was valued at an initial €75 million (£64.4 million), potentially rising to €95 million (£81.8 million) with clauses. Manchester City, who signed Álvarez from River Plate in January 2022 for roughly £14 million and loaned him back until the summer, are understood to have a 10 per cent sell-on fee on any profit Atlético makes from a future sale.
Álvarez, who turns 26 in January, is a right‑footed forward standing 1.70 m and nicknamed “La Araña” (“The Spider”). He has scored 20 goals in 67 appearances for Manchester City and 25 goals in 66 appearances for Atlético Madrid. His 2023-24 season with City included 11 goals and 9 assists in 36 Premier League matches, plus 5 goals and 2 assists in 7 Champions League appearances. For Argentina, he has won the Copa América twice (2021, 2024), the Finalissima (2022), and the FIFA World Cup (2022). His overall senior career total stands at 147 goals and 65 assists in 367 matches, excluding friendlies.
Arsenal, meanwhile, maintain a wider list of striker targets that includes Victor Osimhen, Ivan Toney, Viktor Gyökeres, Joshua Zirkzee, Dominic Solanke, Marcus Thuram, and even the midfielder Ayyoub Bouaddi. Manchester United, during the summer of 2024, already signed Joshua Zirkzee, Leny Yoro, Matthijs de Ligt, Noussair Mazraoui, and Sekou Kone, and are reportedly targeting Lewis Hall and Mateus Fernandes. Manchester City’s forward line for the 2025-26 season includes Erling Haaland, Antoine Semenyo, Jeremy Doku, Savinho, and Omar Marmoush.
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