Three Clubs Julian Alvarez Could Join This Summer—One Is Most Realistic

The Argentina international had a big transfer in 2024 and might be on the move again.

Julián Alvarez is a wanted man. | Jose Breton/Pics Action/NurPhoto/Getty Images

Julián Alvarez could wind up being the headline transfer of the summer window, now that Atlético Madrid manager Diego Simeone has confirmed there is genuine interest in the striker.

Alvarez has been the subject of much speculation for months, off the back of his 29-goal debut season for Atlético in 2024–25. Los Rojiblancos had paid $111.2 million (€95 million) to Manchester City, representing a huge investment in the Argentina international.

His goal tally in La Liga has been reduced this season, but Alvarez has scored 10 times—with a further four assists—in the Champions League alone as Atlético target a first final since 2016. In the next couple of months, he’s also expected to start for his country at the 2026 World Cup.

Argentine compatriot Simeone admitted in the buildup to this week’s clash with Arsenal in Madrid that multiple clubs are tracking Alvarez, making it more than just your average speculation.

“I’m not in Julián Alvarez’s head. I suppose that’s just normal,” the manager told reporters.

“He is an extraordinary player. There’s interest from Arsenal, Barcelona, Paris Saint-Germain and other teams. But there is nothing to be concerned about.”

Alvarez having gone for over $100 million less than two years ago and, as Simeone alluded to, Atlético won’t be forced into selling on someone else’s terms.

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Arsenal

There are signs of a lack of faith in Viktor Gyökeres. | Vince Mignott/MB Media/Getty Images

In two seasons at Manchester City, Alvarez has already proven himself an elite Premier League-caliber player. Pep Guardiola didn’t want to sell, but Erling Haaland’s immovable status as top dog in the frontline ultimately pushed the former River Plate striker towards the exit.

If Arsenal, at risk of a fourth consecutive second-place finish, want to be consistently better than Manchester City, they need better players.

Viktor Gyökeres isn’t that. The Swede, who didn’t play top flight soccer until the age of 25, has struggled to make the desired impact following a big-money transfer from Sporting CP. His surface level goal stats read okay—only okay—until you dig beneath the surface and realize there is a total lack of non-penalty goals against the entire top half of the Premier League.

Mikel Arteta’s view on Gyökeres, whose lack of general impact in Wednesday night’s Champions League clash with Atlético was hidden behind a penalty goal, is increasingly clear. The manager has recently favored Kai Havertz for the No. 9 role, when the German is not even a natural striker, and Gyökeres likely wouldn’t have started in Madrid had Havertz not been injured.

Signing a striker last summer was supposed to release Havertz to play in his favored deeper role. Arsenal went for Gyökeres and appear to already regret it. But landing Alvarez could depend on the Gunners finding a new home for Gyökeres and, given that his shortcomings at this level have demonstrated a far greater suitability to lower-ranked European leagues, that might not be easy.

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Barcelona

Robert Lewandowski is expected to move on. | Maciej Rogowski/SOPA Images/LightRocket/Getty Images

Set to become back-to-back La Liga champions for the first time in seven years, Barcelona is the club most heavily linked with Alvarez. From a sporting perspective, the timing would be perfect, with Robert Lewandowski expected to depart this summer and leaving the No. 9 jersey vacant.

However, economics are always the issue for Barcelona. The club does not have the capital to pay the kind of money it would take for Atlético to entertain a sale, never mind to a direct rival.

Relations between the teams have been prickly for years, going back to Antoine Griezmann’s protracted release clause saga and stoked this season by bad-tempered encounters.

Alvarez would be the dream signing for Barça, but it’s just not realistic enough.

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Paris Saint-Germain

It’s not inconceivable Ousmane Dembélé leaves PSG in 2026. | Alexis Lefaix/Eurasia Sport Images/Getty Images

PSG certainly do have the funds and could be a much more viable option for Alvarez.

At first glance, there is no obvious place for a nine-figure signing. But there remains speculation about where 2025 Ballon d’Or winner Ousmane Dembélé will be playing next season.

The Frenchman showcased his ability superbly in this week’s 5–4 thriller against Bayern Munich. But the Saudi Pro League is a tempting alternative that could set him up with even more generational wealth, if he believes he’s done everything he can achieve in Europe.

Dembélé, turning 29 next month, will shortly enter the final two years of his PSG contract, and this would be the time to cash if the French giants consider it too awkward to negotiate an extension with a player heading towards the final portion of his career.

If Dembélé is out, Alvarez coming in makes perfect sense.

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