Arsenal are wasting no time after their most successful domestic season in over two decades, with the club reportedly preparing an aggressive transfer move for Atlético Madrid forward Julián Alvarez even before Saturday's Champions League final against Paris Saint-Germain in Budapest.

Gunners target Alvarez with player-plus-cash proposal

According to TEAMtalk, Arsenal are ready to meet Atlético Madrid's asking price for the Argentina international, understood to exceed £100 million. The Gunners have strengthened their bid by proposing a player-plus-cash deal, a structure that could give them the edge over rival suitors.

Alvarez, 26, joined Atlético from Manchester City just two years ago but is said to be eager to move on this summer. Barcelona have also been linked, though their well-documented financial difficulties may prevent them from matching the required fee.

Paris Saint-Germain are the other major club prepared to meet Atlético's demands — an irony not lost on Arsenal fans ahead of Saturday's showdown in Budapest. Crucially, Alvarez is reported to be open to joining either of the two Champions League finalists and is keen to finalise his next move quickly.

World Cup deadline adding urgency

The timing pressure is significant. Argentina face Algeria in their opening 2026 FIFA World Cup fixture in just three weeks, and Alvarez's camp has made it clear throughout recent months that potential buyers must commit or walk away.

The former Manchester City striker has been a standout performer for Atlético since his arrival, netting 49 goals in 106 appearances across all competitions. He previously starred at the 2022 World Cup in Qatar, scoring 4 times as Argentina claimed the trophy — a tournament he entered at just 22 years of age.

A busy summer taking shape at the Emirates

The pursuit of Alvarez is not Arsenal's only priority. The club are also reportedly working to extend manager Mikel Arteta's contract, with the Spaniard's current deal expiring next summer. Newcastle United midfielder Sandro Tonali has also been mentioned as a transfer target.

Arsenal claimed their first Premier League title in 22 years last week, and with a Champions League final on the horizon, the club are intent on building a squad capable of sustaining a challenge on both the domestic and European fronts next season.