Atletico Madrid striker Julian Alvarez is reportedly ‘very serious’ about a return to the Premier League this summer, with Arsenal and Chelsea both keen on striking a deal, if Barcelona are forced to back away from a proposed transfer of their own.

The 26-year-old Argentina international has been in supreme form for Atletico again this season, scoring 16 goals and chalking up six assists in 34 starts for the Spanish side, including a brace in Tuesday night’s Champions League rout of Tottenham.

That form has once again sparked interest from England in the former Manchester City frontman, with both Arsenaland Chelseakeeping tabs on Alvarez‘s situation at the Metropolitano Stadium.

And now our friends over at TEAMtalk have provided an update on the 26-year-old’s future, with Graeme Bailey revealing that the Argentina international has given the nod to swapping Madrid for London – but only if his preferred switch to Barca falls through.

It was reported by Bailey back in January that the two Premier League sides had already ‘held talks with intermediaries working on a prospective deal for the Argentine attacker’.

Sources have confirmed that ‘Alvarez’s camp have made it known to prospective clubs that he is prepared to leave Atletico this summer’.

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However, throughout discussions, both Premier League clubs have been kept ‘fully informed that Alvarez’s preferred option would be Barcelona’.

While the Catalan outfit are keen on securing his signature, finances, as always when it comes to Barcelona these days, remain a major hurdle.

With Barca already having agreed personal terms with Marcus Rashford over a permanent summer switch, a proposed move for Alvarez is expected to cost in excess of €100million (￡86m), which is proving problematic.

The TEAMtalk report goes on to add that Barca believe they could ‘structure a package worth close to €100million, but that figure would likely need to include agent fees and other associated costs’. To that end, Alvarez’s representatives ‘view the financial uncertainty as a growing concern’.

A source also explained: “Barca have been told from Alvarez’s side that this will not become a saga. They know both Arsenal and Chelsea are ready to go, they really want him.

“Alvarez’s camp talking to Arsenal and Chelsea is no tactic, they are very serious. He is happy to move to London and join one of Europe’s biggest clubs – that is not a problem to him and that has been made clear.”

While Barca’s loss could be Arsenal or Chelsea’s gain, Alvarez has again been asked by his camp whether he wants to explore alternative options, and the response from the player was a ‘firm yes’.

Following that development, Arsenal and Chelsea have once again been contacted and reassured that Alvarez would be ‘open to joining either club if a move to Barcelona fails to materialise’.

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Another club to watch in the chase, however, is?Paris Saint-Germain, who have also maintained contact regarding the situation.

Finally, the reports adds that from Atletico Madrid’s perspective, there is also a preference to ‘sell the striker outside of Spain’, something that could work in favour of Arsenal, Chelsea or PSG – if Barcelona cannot finalise a deal.