Arsenal transfer news: PSG, Barcelona or the Gunners? Alvarez makes his choice

Julian Alvarez is not expected to spend the summer at Atletico Madrid. The Argentine has been courted by several of Europe's biggest clubs — and he has reportedly made his preference clear. What remains to be seen is whether his favoured suitor can reach an agreement with the Colchoneros.

Cadena SER reported that Atletico's hierarchy believes the player “wants to leave”, though neither Alvarez nor his representatives have publicly confirmed this. The Liga season ended at the weekend, and with the 2026 World Cup kicking off on 11th June, the situation has already shifted, according to the Spanish press.

Alvarez chooses between PSG, Barcelona and Arsenal

According to Marca and AS, Alvarez has rejected an offer to extend his contract with Atletico Madrid. The 26-year-old has no intention of signing a new deal — his current contract runs until June 2030 — and is instead seeking a fresh challenge after just two seasons at the club currently sitting fourth in La Liga.

Having contributed 20 goals and nine assists from 49 appearances in an impressive campaign, Alvarez has naturally attracted interest from Barcelona, PSG and Arsenal. According to both Spanish outlets, the World Cup winner's preference is clear: he wants to sign for Barcelona. With the Catalan club set to part ways with Robert Lewandowski this summer, the 51-cap Argentina international would be the ideal replacement for the 37-year-old Pole.

PSG and Arsenal still in the race as Atletico Madrid hold firm

The obstacle is Atletico's asking price. Marca reports the club will not sell for less than €150m (£130m). How can Barcelona realistically meet that figure? AS reports that Blaugrana forward Ferran Torres, 26, was offered as part of an exchange deal — a proposal Atletico promptly rejected.

While Alvarez does not favour PSG or Arsenal, both clubs are believed to be capable of meeting Atletico's financial demands. The challenge would then be convincing the player himself, who currently has his sights set only on the Liga leaders.

According to Marca, this saga is only just beginning, and it remains genuinely unclear where Alvarez will be playing next season. With four years still remaining on his contract, staying at Atletico remains a theoretical possibility — though all current indications point the other way.