Arsenal and Liverpool target Julian Alvarez has ‘decided his next club’ after Atletico Madrid, according to reports.

Alvarez joined Atletico from Manchester Cityin August 2024 for a fee in the region of ￡82million.

The Argentina forward enjoyed two successful years at the Etihad, helping the club win the Treble in 2022/23, which included their first Champions League title.

He has been one of La Liga’s best attackers since moving to Atletico, registering 42 goals and 14 assists across all competitions since the start of the 2024/25 campaign.

The 26-year-old has not been at his best this season. He started strongly, scoring seven times in Atletico’s first 11 La Liga matches, but has since gone 14 league games without a goal and has registered just one assist in that period.

He did, however, score and assist in Atletico’s recent 4-0 victory over Barcelona in the first leg of their Copa del Rey semi-final.

Despite his poor form in 2026, Alvarezcontinues to be linked with Europe’s elite, with a return to the Premier League not ruled out.

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Arsenal dealt Julian Alvarez transfer blow

Arsenal have been most strongly linked with Alvarez, though Liverpool are also reportedly keen, as Mikel Arteta looks to add an elite attacking player this summer.

Unfortunately for the Gunners, a report from Football Insiderclaims Alvarez would rather join Barcelona than return to the Premier League.

The former Manchester City forward ‘prefers to stay in Spain’ and will ‘prioritise a move’ to Barcelona over Arsenalor Liverpool.

Alvarez is under contract until 2030, so Atletico would demand a significant fee, potentially in excess of ￡100million.

Transfer journalist Pete O’Rourke explained:

“If Alvarez was to leave Atletico, I think he probably would have a preference for a move to Barcelona, but the big concern over that one is whether Barcelona could afford a deal for the Argentine.

“There will be widespread interest in Alvarez if there is any indication that he could leave. He’s such a consistent player and such a good goalscorer as well.”

Why Liverpool, Arsenal and Barcelona want Alvarez

Liverpool‘s interest in Alvarez comes amid poor form from Mohamed Salah and Cody Gakpo this season.

The Premier League champions enjoyed a record-breaking summer spending spree last year, but most of their new signings have struggled to impress.

Their standout addition has undoubtedly been Hugo Ekitike, who has comfortably outperformed ￡125million British-record signing Alexander Isak.

As Arne Slot already has two elite centre-forwards in Isak and Ekitike, it seems unlikely Alvarez is a genuine target. If he is, he would likely be used out wide, something that may not appeal to the Argentine.

Alvarez’s desire to leave Man City was largely due to playing second fiddle to Erling Haaland in Pep Guardiola’s attack. He wanted to be the main man and was given that opportunity at Atletico under Diego Simeone.

Arsenal could offer him that role, while Barcelona could at least offer him the No.9 shirt, with Robert Lewandowski approaching the end of his time at the club. However, he would still not be the undisputed focal point while Lamine Yamal remains central to their project.

Still, prioritising Barcelona over Arsenal or Liverpool makes perfect sense.

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