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Arsenal’s pursuit of Julian Alvarez appears to have ended, with reports from Spain suggesting that the Argentine forward has agreed to join Paris Saint-Germain.

According to Spanish media reports, Julian Alvarez has turned down a move to Arsenal, opting instead to sign for Paris Saint-Germain.

The surprising claim from Spain indicates that the Atletico Madrid striker has already “completed” his transfer to the reigning European champions, ahead of their Champions League final clash with Arsenal later this month.

PSG are also said to be showing interest in Arsenal winger Gabriel Martinelli, adding more intrigue to the unfolding transfer story.

Following an outstanding season in the Champions League – where Alvarez netted 20 goals and helped Atletico Madrid reach the semi-finals before losing 2-1 on aggregate to Arsenal – Spanish outlet COPE cited comments from football analyst Jose Antonio Martin Otin, known as ‘Peton’, who revealed that Alvarez has already chosen his next destination.

Peton stated that the former Manchester City forward – ranked number five in FourFourTwo’s list of the best strikers in the world at present – has “already been transferred to PSG” and will be part of Argentina’s squad for the 2026 World Cup, having rejected Arsenal’s interest.

Atletico Madrid, however, still have several options to consider, especially as they are set to lose star forward Antoine Griezmann this summer.

Reports suggest that Diego Simeone’s side “hold all the cards” in the negotiations, demanding a massive fee for the striker. The Athletic had earlier reported in 2023 that Alvarez’s move to the Metropolitano Stadium cost Atletico €95 million.

Peton further mentioned that the proposed transfer to Paris could include a player heading in the opposite direction in addition to a nine-figure fee, with names such as Goncalo Ramos and Lucas Hernandez being discussed as potential makeweights.

Sources close to FourFourTwo indicate that Arsenal had shown preliminary interest in Alvarez, alongside targets like Junior Kroupi. However, the London club would likely need to break their transfer record to secure the former Manchester City star’s signature.

Gabriel Martinelli’s future at Arsenal remains unclear, and with interest from major European clubs, the North London side could consider major sales this summer to finance reinforcements.

Meanwhile, promising Hale End academy graduates Ethan Nwaneri and Myles Lewis-Skelly could also attract high transfer fees. The potential sale of Ben White has been complicated by a ligament injury sustained by the defender last weekend.

Arsenal are also eyeing an additional midfielder to bolster their squad depth ahead of next season.

According to Transfermarkt, Alvarez is currently valued at €90 million. Arsenal return to Premier League action on Monday night when they face Burnley.