Arsenal Target Julian Alvarez as Martinelli Exit Gathers Pace

Arsenal have reportedly identified Atletico Madrid forward Julian Alvarez as a potential replacement for Gabriel Martinelli, whose future at the Emirates is increasingly uncertain as the summer transfer window approaches its final stages.

The development comes amid growing reports that Saudi Pro League side Al-Hilal are advancing their efforts to sign Martinelli. Sky Sports reports that the Brazilian winger is open to a move to the Saudi club, with negotiations between Arsenal and Al-Hilal progressing.

Martinelli, 25, has been the subject of mounting transfer speculation after falling down Mikel Arteta’s pecking order. Reports indicate that Al-Hilal have made significant progress towards securing his services, with the proposed deal reportedly worth around £50 million to £55 million.

Arsenal are therefore exploring options to strengthen their attacking ranks should Martinelli leave, with Alvarez emerging as one of the most high-profile names under consideration. ESPN reports that Arsenal are prepared to explore a deal for the Argentine if circumstances create an opportunity to sign him.

Alvarez’s situation at Atletico Madrid has become particularly complicated. The former Manchester City forward has been at the centre of a prolonged transfer saga, with Barcelona also strongly interested in bringing him to Camp Nou. However, Atletico have maintained a firm stance over his future.

The 26-year-old Argentine reportedly has a contract with Atletico running until 2030 and a €500 million release clause, meaning any club attempting to prise him away from Madrid would have to negotiate a substantial transfer package. Reports in the British media have placed Atletico’s potential asking price at around £130 million to £150 million.

Arsenal’s interest has intensified following developments surrounding Alvarez’s relationship with Atletico. The forward was reportedly booed by sections of the Atletico support during their recent match against Villarreal, adding another layer of uncertainty to his future.

British reports claim Arsenal could be willing to make a major financial commitment, with Sky Sports’ transfer coverage reporting that manager Mikel Arteta is ready to push for Alvarez as Martinelli’s possible replacement. The potential move would represent a significant investment even for an Arsenal side that has already spent heavily during the current window.

Alvarez would also offer Arsenal considerable tactical flexibility. Primarily a centre-forward, the Argentine can operate across the attacking line and has experience in both Premier League and European football. His versatility could make him an attractive option for Arteta as the Gunners seek to maintain their competitiveness across multiple competitions.

However, the transfer remains far from completed. Atletico’s reluctance to sell, Alvarez’s reported preference for Barcelona and the enormous financial demands involved mean Arsenal would still have several hurdles to overcome before a deal could materialise. ESPN’s latest report describes the situation as one in which Arsenal are ready to act if the opportunity opens up.

For now, Martinelli’s potential departure and Arsenal’s interest in Alvarez appear to be developing as interconnected parts of a dramatic final stretch of the transfer window. If Al-Hilal succeed in taking the Brazilian to Saudi Arabia, Arsenal could intensify their pursuit of Alvarez — potentially setting up one of the biggest transfer moves of the summer.