Both Arsenal and Liverpool are reportedly in a heated race to sign Julian Alvarez, the dynamic Argentine forward currently playing for Atletico Madrid. According to Spanish outlet El Chiringuito, formal discussions with interested clubs are expected to begin as early as next week. With 35 goal contributions this season, Alvarez has become one of the most sought-after strikers in Europe.

Atletico Madrid are aware of the rising interest in the 25-year-old and are not entirely opposed to a potential sale. However, they are expected to demand a significant transfer fee—one that would reflect Alvarez’s value as a prolific attacker and recent World Cup winner.

Alvarez, who previously played for Manchester City, has found renewed form in La Liga, thriving under Diego Simeone’s system. His resurgence has made clubs in the Premier League take notice once again, with both Mikel Arteta and Arne Slot identifying him as a priority target to strengthen their respective squads ahead of the 2025–26 campaign.

For Arsenal, this summer’s transfer window could be make-or-break. Despite challenging for the Premier League title in back-to-back seasons, the Gunners have lacked a true finisher to convert their dominance into decisive results. Gabriel Jesus and Eddie Nketiah have struggled with consistency, and many believe Alvarez could be the missing puzzle piece in Arsenal’s quest for silverware.

Julian Alvarez offers more than just goals. Known for his tireless pressing, intelligent movement, and ability to operate across the front line, his versatility would suit Arteta’s fluid attacking system perfectly. Notably, his defensive work rate and creativity make him more than just a traditional striker—he’s a complete forward.

Meanwhile, Liverpool’s interest in Alvarez is no surprise. With Darwin Nunez failing to meet expectations and Mohamed Salah’s future still uncertain, the Reds are eyeing a reliable and proven goal-scorer to lead their new attacking era under Arne Slot. Julian Alvarez checks all the boxes, having already adapted to English football during his previous stint at Manchester City.

Liverpool are reportedly prepared to engage in serious talks once the official window opens. Sources close to the club suggest that internal discussions have already taken place regarding Alvarez’s role in the team, should a deal be struck. The idea of pairing Alvarez with Luis Diaz and Cody Gakpo could be a mouthwatering prospect for fans at Anfield.

Erling Haaland, a former teammate at City, once labelled Alvarez an “amazing footballer,” highlighting the Argentine’s professionalism and natural talent. Those who watched him at the Etihad know that Alvarez always made an impact—whether starting or coming off the bench. His departure from City was less about quality and more about opportunity in a star-studded squad.

So far this season, Alvarez has scored 29 goals and assisted 6 times, making him one of the most productive players in Europe. His form has not gone unnoticed, and while Atletico are reluctant to lose him, they may not be able to resist if Arsenal or Liverpool table a hefty offer north of €70 million.

Ultimately, the next few weeks will be crucial. Both Premier League giants are expected to make contact through intermediaries, and with Alvarez reportedly open to returning to England, a bidding war could be on the horizon. The race for his signature is officially heating up.

One thing is clear: Julian Alvarez will not come cheap. But for Arsenal and Liverpool, who are both looking to take the next big leap, the investment could be worth every penny.