Arsenal eye Julián Álvarez in €100m-plus-Gyökeres swap deal after Champions League near-miss

Arsenal are reportedly preparing a substantial offer to bring Manchester City forward Julián Álvarez to the Emirates, according to multiple sources in England and Argentina. The move comes after the Gunners ended a 22-year Premier League drought but fell short in the Champions League final, losing on penalties to Paris Saint-Germain.

The 26-year-old Argentina international, currently on holiday after the 2026 World Cup, has been repeatedly linked with a departure from the Etihad. The Times reported on Friday that Arsenal are willing to offer €100 million plus Sweden striker Viktor Gyökeres as part of a player-plus-cash deal. The story has been picked up by Argentine outlet Olé, which notes that London and Madrid-based media have been fuelling speculation.

Arsenal’s 2025-26 season in context

Mikel Arteta’s side dominated the Premier League, winning the title with a commanding points total. However, the season ended in heartbreak in Budapest, where PSG defeated Arsenal in a penalty shoot-out in the Champions League final. The defeat highlighted a recurring issue: the lack of a natural, elite centre-forward.

Kai Havertz, a converted attacking midfielder, started the final as the No. 9. The German missed the start of the season through a knee injury and, while he contributed in the run-in, his profile is not that of a traditional penalty-box striker. Viktor Gyökeres, the other option, scored 21 goals over the campaign but endured a lean spell between mid-September and December, managing just one Premier League goal in ten appearances.

Julián Álvarez, by contrast, offers a more complete forward package. He can play as a central striker, a second forward, or wide, and has a proven track record in big games for both Manchester City and Argentina. His arrival would give Arteta a different dimension in attack.

What the proposed deal would mean

The reported offer of €100 million plus Gyökeres would represent a significant outlay, even for a club of Arsenal’s recent spending power. Gyökeres, 27, was signed from Coventry City two years ago and has been a regular contributor, but the Gunners appear willing to use him as a bargaining chip to land Álvarez.

If the transfer goes through, Arsenal would also be active in other areas of the market. Reports suggest the club is pursuing Newcastle right-back Tino Livramento, Newcastle midfielder Bruno Guimarães, and Juventus winger Kenan Yildiz. A potential starting XI – in a 4-2-3-1 that can shift to 4-3-3 – has been floated: David Raya; Livramento, William Saliba (currently injured), Gabriel Magalhães, Piero Hincapié; Bruno Guimarães, Declan Rice; Bukayo Saka, Martin Ødegaard, Yildiz; Álvarez.

It is important to note that none of these moves are confirmed. The Álvarez rumours are still at the speculation stage, with no official bid or statement from either club. Arsenal’s summer transfer window is likely to be shaped by the need to balance the squad after a near-perfect season that still fell short of the ultimate prize.

Key facts

Why this matters for Arsenal fans

The Álvarez link is a signal that Arteta and the recruitment team are determined to upgrade the attacking line after falling just short in Europe. The squad already has a strong spine, but the lack of a consistent, high-volume goal-scorer was exposed in the biggest moments. Adding a player of Álvarez’s calibre would not only improve the starting XI but also send a message of intent to rivals in the Premier League and Champions League.

For Manchester City, losing Álvarez would be a significant blow, especially if their own squad undergoes changes this summer. The deal is far from done, but the rumours reflect a growing sense that Arsenal are ready to be aggressive in the market.

The coming weeks will be crucial. No official bid has been lodged, and the reported price tag may be a starting point for negotiations. Given the complexity of a player-plus-cash deal involving a high-value asset like Gyökeres, the story could evolve quickly.

Source: Olé (Argentine) and The Times (UK) – “Para ganar la Champions League: el súper equipazo que podría tener el Arsenal si llega Julián Alvarez” – https://www.ole.com.ar/futbol-internacional/ganar-champions-league-super-equipazo-arsenal-julian-alvarez_0_2ZDydINqbw.html