Alvarez is a prime target for the London rivals and both have been encouraged by the feedback from the player’s team.
It is understood that Atletico Madrid are willing to sell for a fee of less than £100 million, a price tag that Premier League teams are willing to match. The Argentina international has scored 40 goals in 89 games since joining Atletico from Manchester City in 2024.
Arsenal and Chelsea are not the only ones pursuing the player. TEAMtalk report that both Barcelona and Paris Saint-Germain are also interested, with the former Alvarez’s preferred destination.
However, it is unclear whether the La Liga champions can meet Atletico’s asking price amid ongoing economic challenges.
Alvarez impressed during a previous spell in the Premier League. He scored 36 times for Manchester City during two-and-a-half seasons at the Etihad and won a wealth of accolades, including a treble in 2022/23 under Pep Guardiola.
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