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Arsenal are continuing their efforts to complete the signing of Julian Alvarez before the transfer window shuts next week.

Arsenal have now reached an agreement to buy Atletico Madrid forward Julian Alvarez.

That is according to a fresh report, which states that the Argentina international is nearer than ever to making a return to the Premier League after his relationship with Atletico supporters deteriorated.

Alvarez was booed and whistled at the Metropolitano after saying publicly that it was his “dream” to leave, with Arsenal prepared to take advantage of Atletico's refusal to sell him to Barcelona.

Sport Witness has carried details from Spanish outlet AS, which reports that Alvarez is “starting to see” that the Premier League champions represent his only route out of Diego Simeone's side this summer.

Although Barcelona are keen on signing the World Cup-winning attacker, Atletico are not willing to negotiate with a direct rival for the player and, with his release clause set at more than £400 million, talks cannot even begin without their approval.

Arsenal have been given a valuation of £128m, and AS now says that an “agreement between the clubs exists” for a €150m transfer, with Viktor Gyokeres moving to Spain as part of the deal in the opposite direction.

Gyokeres was manager Mikel Arteta's leading scorer in all competitions last season as the club won the league and reached the Champions League final, but he has faced criticism over the limitations in his all-round game and did not get off the bench in the opening match of the season against his former side, Coventry City.

All Arsenal now require is an agreement with Alvarez, though that has consistently been the stumbling block in any potential transfer.

Earlier this summer, Arteta personally spoke with Alvarez in an attempt to persuade the former Manchester City forward to move to North London, but the player's preference is still Barcelona.

Barcelona, meanwhile, have also been linked with players such as Gyokeres and Gabriel Jesus as they look to strengthen their attack following the exits of Robert Lewandowski and Ferran Torres.

Arsenal are also edging closer to the sale of Gabriel Martinelli to Al Hilal, with Alvarez seen as an option who could operate either on the left flank or through the middle as a centre-forward.

According to Transfermarkt, Alvarez is valued at €120m. Arsenal next face Aston Villa when Premier League action resumes next weekend.