Viktor Gyokeres for Julian Alvarez: Who Wins From ‘Proposed’ Arsenal, Atletico Swap?

So fierce is Arsenal’s desire to sign Atlético Madrid’s Julián Alvarez, the Gunners would be reportedly prepared to offer up last season’s top scorer Viktor Gyökeres in a part-swap deal.

Arsenal’s interest in Alvarez is nothing new. However, in a summer which has already seen the freshly crowned Premier League champions refuse to pay over the odds for star players, however keen their interest may be, the chances of a deal for the 2026 World Cup finalist has always appeared slim.

Atlético have taken the public stance that their marquee forward is not for sale, while reports suggest that it would take a nine-digit fee to extract the 26-year-old from the Spanish capital. In an attempt to reduce the lump sum they would have to commit, Arsenal would also be “willing” to offer up Gyökeres in a player-plus-cash trade, The Times report.

Viktor Gyökeres has been linked with an exit from Arsenal. | Visionhaus/Getty Images

Such deals are exceedingly rare. Three parties already have to be satisfied to complete one straightforward transfer (the buying and selling club, as well as the subject of the move), throw another player and his entourage of agents into the mix and it becomes complicated quickly.

While unlikely, there are layers to this arrangement which could suit several of the entities involved, although not necessarily the most obvious ones.

Winners

Arsenal would be the most obvious triumphant party from this extravagant arrangement on the face of it. Alvarez is a one-man swarm, capable of singlehandedly hauling his team up the pitch with a blur of movement on and off the ball. Across the last two World Cups, no player has applied more high-intensity pressures in the opposition half. For an Arsenal side built on a solid foundation which can lack some invention in possession and tries to squeeze the pitch defensively, the appeal is obvious.

Not only do the Gunners get a player Mikel Arteta has long pined after, but they would also find a way of offloading the quandry that is Gyökeres.

Despite becoming the club’s first debutant since Alexis Sánchez to rack up 20 goals across all competitions, the burly Swede endured an underwhelming campaign. A distinct lack of impact in almost every fixture against a team approaching Arsenal’s level left Arteta constantly lamenting Kai Havertz’s ruinous injury record.

Gyökeres offers a theoretically sturdier platform for Arsenal to build with than Alvarez, but the cumbersome frontman continuously failed to hold the ball up, thereby exposing the team’s struggles to play their way through the opposition press. Yet, his weaknesses wouldn’t be so exposed at Atlético Madrid.

Gyokeres vs. Alvarez Stats Snapshot

2025–26 Stats (Top Flight + Champions League)	Viktor Gyökeres (per 90)	Julián Alvarez (per 90)
Appearances	49	44
Non-Penalty Goals	15 (0.43)	13 (0.37)
NPxG	15.53 (0.45)	11.25 (0.32)
NP Shots	85 (2.4)	94 (2.7)
Open Play Assists	2 (0.06)	6 (0.17)
OPxA	2.64 (0.08)	6.13 (0.18)
OP Chances Created	28 (0.8)	52 (1.5)

Stats via Opta.

There’s a reason why Gyökeres already feels like an Atlético type of player—Arsenal’s sporting director Andrea Berta was the driving force behind his arrival in north London last summer, which was also his first window at the Emirates Stadium since leaving the same position at Atlético.

In a league like La Liga with far more imbalances, Gyökeres would have plenty more opportunities to bully lesser sides than he found in the Premier League. If anything, Atlético could do with a more reliable domestic attacking outlet than Alvarez.

Despite a prolific Champions League campaign in which only Kylian Mbappé and Harry Kane outscored Atlético’s focal point, Alvarez actually endured an underwhelming domestic campaign. Of his modest eight goals, there were two penalties and as many free kicks. Remarkably, three of his four open play La Liga goals came in one game against Rayo Vallecano, the other was a stoppage-time winner against a Real Oviedo side which would end the season relegated.

Losers

Julian Álvarez, Diego Simeone — Julian Álvarez has thrived under Diego Simeone’s leadership. | Manu Reino/DeFodi Images/Getty Images

Of course, there is the very real possibility that Arsenal actually come to regret such a swap given Alvarez’s aforementioned scoring record. One thing is certain, however, a move to the Emirates is not at the top of Alvarez’s wishlist.

The Argentine forward has made it clear that he wants to leave Atlético Madrid. While Barcelona were not explicitly named during his dramatic transfer plea during the World Cup group stage, it has been widely reported and accepted that the Catalan giants are his dream destination. Yet, Atlético’s staunch refusal to sell to a direct rival could force Alvarez into the arms of Arsenal.

It’s not entirely clear that there would be any winner from such an arrangement, yet there’s certain to be a glut of losers.

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