Will Álvarez join Barcelona or Arsenal in summer's last major transfer? Or stay at Atlético?

By any reasonable measure, Julián Álvarez has been a successful signing for Atlético Madrid. Having joined from Manchester City for an initial €75 million in 2024, as he begins his third season in LaLiga, the Argentina striker needs to score just once to take his tally for his club to 50 goals. But after the 26-year-old went public with his desire to leave this summer, he has faced a backlash from Atlético fans. The club have repeatedly insisted that their star player will remain at the Estadio Metropolitano this season. Despite that, sources have told ESPN that the champions of both Spain and England are still hopeful of signing Álvarez before next week's transfer deadline for a reported fee of around €150 million. - Why Rodri is key to Barcelona's quest for LaLiga three-peat, UCL glory - Arsenal want another Premier League title, but repeating won't be easy - Big questions, predictions for Barcelona, Real Madrid as campaigns begin Barcelona have made the forward their top target to operate at the apex of their attack, while Arsenal's interest in signing him could be a more realistic prospect since they won the Premier League title last season. So could the player who "completed football" in 2022-23 -- when he won the UEFA Champions League, Premier League and FA Cup with City and the FIFA World Cup with Argentina -- be subject of the final major move of the summer transfer window? Or will Atlético back up their public statements by keeping hold of their most important player? ESPN's correspondents in Barcelona (Sam Marsden), London (James Olley) and Madrid (Alex Kirkland) give us the latest on the situation and look at what might happen next. -- Tony Mabert Barcelona Barcelona's pursuit of Álvarez has been the most drawn out, and at times tiresome, saga of the summer. ESPN first revealed in January that the Argentina forward topped Barça's list of targets to replace the 38-year-old Robert Lewandowski, whose future was uncertain at the time. Following the Poland international's free transfer to the Chicago Fire -- and Ferran Torres' €55 million transfer to Paris Saint-Germain -- that interest has only intensified. The Spanish champions knew negotiating with Atlético would be difficult, but hoped Álvarez's preference to join them would force talks. However, not even Álvarez's comments to ESPN in July, when he said a "transfer would be best for all parties," helped pave the way for a deal. All the while, as confirmed by Barça president Joan Laporta, the Catalan side had left their first offer, worth just over €100 million, on the table. Atlético, led by CEO Miguel Ángel Gil Marín, have shown no desire to engage with Barça, though, instead accusing them of tapping up Álvarez and reporting them to FIFA and the Spanish football federation (RFEF). Given that context, ESPN revealed last week that Barça, exhausted by the lack of movement, had parked plans to sign Álvarez and were exploring other options. Heading into the final days of the transfer window, then, every option remains on the table. Barça will wait and see how events at the Metropolitano last weekend, when Álvarez was fiercely jeered by Atlético fans during the 2-2 draw with Villarreal, changes the situation. If Atlético open the door to a transfer, and the player can't be convinced to join Arsenal, Barça are still ready to move. Sources say, despite spending over €160 million already this summer, the Catalan club could afford a deal, although it's unclear how high they could or would go. Meanwhile, they are also looking at other strikers who could be available this week. With no natural No. 9 in the squad beyond Egyptian teenager Hamza Abdelkarim, coach Hansi Flick would like a new forward. However, with a flexible front line -- Raphinha, Lamine Yamal, Anthony Gordon, Karim Adeyemi and Dani Olmo can all play through the middle if needed -- there is agreement with sporting director Deco that they won't sign for the sake of signing if it's not the right option. If they don't, and Álvarez remains at Atlético, this is a saga that could still have legs in January. -- Sam Marsden Arsenal Arsenal have quietly moved themselves into a position where they could be the compromise option. Their X-Factor in this equation is Andrea Berta, the club's sporting director who held the same position at Atlético prior to leaving in 2024. Berta negotiated the contract which Álvarez signed when he joined from Manchester City, and is therefore already intimately aware of those details while also possessing a relationship with the player, his representatives and senior club officials. ESPN revealed Arsenal's interest in January. Since then, the club have done the background work on the deal so they could be ready to move quickly should either Atlético or Álvarez provide any encouragement a deal could be possible. Arsenal know Álvarez's preference is to join Barcelona, so a subtle approach is required: letting him know they are there, they will offer a competitive salary package and are willing to break their transfer record (currently an initial £100 million for Declan Rice), all without applying a heavy touch given Atlético's stance. Kai Havertz has started the season in fine form, while winger Christos Tzolis looks a promising addition on the left, but sources say coach Mikel Arteta wants to upgrade his forward line before the window closes. Don't forget: they signed Viktor Gyökeres for €63.5 million last summer as an upgrade on Havertz but, although they won the title for the first time in 22 years, the Sweden international did not entirely convince. There is a feeling the Gunners lack a little individual quality at the top end of the pitch, the sort of talent who can win matches on his own. The pursuit of Real Madrid's Vinícius Júnior was genuine and showed their ambition in the market. Signing Álvarez would arguably be the marquee summer signing across the entire Premier League and cement their status as favorites while enhancing their Champions League credentials. There are rumors -- so far unconfirmed -- that they may even allow Gyökeres to go the other way should Atlético want to include him in any deal for Álvarez, thereby factoring in a replacement for the Spanish club. Arsenal have tried to be as flexible as possible in conversations. They now need a signal from Atlético and Álvarez to follow through in the final few days of the window. -- James Olley Atlético Madrid It must be quite lonely to be Álvarez right now. At this point, staying at Atlético feels borderline untenable. What happened at the Metropolitano on Sunday was really quite ugly. Álvarez's name was whistled so loudly when it was read out before kickoff, then there were more whistles and chants when he warmed up on the touchline, and again when he was introduced in the second half. The postmatch scenes were even worse, as Álvarez was advised by club staff to head straight down the tunnel rather than joining teammates in applauding Atlético's ultras behind the goal. It was an attempt to protect him, but it backfired, with the images only underlining his isolation. Atlético have now been categorical -- both in public and in private -- that they will not allow Álvarez to join Barcelona. "We are going to help Julián and continue to look after him, so he can reach his full potential," Gil Marín said last week. "Julián hasn't had the best advisors around him in recent months." But their resolve to keep the forward at the club at all costs will be severely tested if the situation remains this toxic. As it stands, it feels detrimental to Atlético's prospects this season. Coach Diego Simeone is making the best of it. He said on Sunday: "If we want to win trophies we need to stick together, we need forwards and we need important forwards." That's a positive spin on a really difficult situation. The problem is that so far, Álvarez has only expressed a desire to join Barça, the one club Atlético are refusing to do business with. Somebody will have to compromise before deadline day, or this awkward standoff -- which might be the worst outcome for all involved -- will continue, at least until January. -- Alex Kirkland