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Arsenal are reportedly progressing towards completing the signing of Julian Alvarez this summer, with negotiations said to be moving in a positive direction.

The North London club have made what has been described as a “concrete offer” for the Argentine forward, aiming to secure him as their marquee acquisition in the upcoming transfer window.

The Gunners are still reeling from a disappointing weekend in which their lead at the top of the Premier League table was reduced. Manager Mikel Arteta referred to Arsenal’s home defeat against Bournemouth as a “punch in the face” to their title ambitions.

With Manchester City closing the gap to just six points and holding a game in hand before the two sides meet at the Etihad Stadium next weekend, the momentum in the title race may be shifting from North London to the blue half of Manchester.

Arsenal are facing competition for Alvarez’s signature, as Barcelona and Paris Saint-Germain are also reportedly interested in the World Cup-winning striker. Spanish outlet Sport has claimed that Barcelona have made Alvarez their “priority target.”

Although Arsenal striker Viktor Gyokeres is their top scorer across all competitions this season, the Swedish forward has struggled to adapt fully to the physical demands of the Premier League and with his link-up play. Alvarez, on the other hand, is viewed as a more dynamic and mobile option better suited to Arteta’s style of play.

In an effort to gain an advantage over their rivals, French publication Media Foot has reported that Arsenal have already submitted an official proposal to Alvarez through Arteta’s management team.

The same report adds that Gabriel Martinelli could be the player sacrificed to make way for the deal, with Paris Saint-Germain showing interest in the Brazilian despite his limited impact this season, having scored just one Premier League goal so far.

While initial discussions with transfer targets are common before the opening of a transfer window, FourFourTwo understands that player sales will be crucial for Arsenal to finalise the Alvarez deal, particularly after the club’s heavy spending last summer, when eight new players were brought in. The club is mindful of the need to maintain financial balance.

BBC journalist Sami Mokbel recently indicated that a move for Alvarez would likely depend on whether Viktor Gyokeres or Kai Havertz were to leave the club. Another possible departure could be Gabriel Jesus, who has struggled to regain his previous form following recovery from a significant anterior cruciate ligament injury.

Gyokeres’s exit remains improbable given that he only joined last summer, while Havertz has recently been used more frequently in midfield rather than as a striker.

According to The Athletic, Alvarez’s release clause stands at a massive €500 million, which could pose a major challenge for Arsenal’s sporting director Andrea Berta. The director, who previously worked with Atletico Madrid, may need to negotiate a deal worth in the nine-figure range, as Atletico spent €95 million to acquire Alvarez from Manchester City just two years ago.

Transfermarkt currently values Alvarez at €90 million. Arsenal will host Sporting later this week in Champions League action as the quarter-finals come to a close.