The Arsenal striker is reportedly broadened with a player who has won both the UEFA Champions League and FIFA World Cup.
After being second in the Premier League for the third season in a row, the Gunners want to strengthen their team prior to the 2025-26 campaign.
The top priority of Mikel Arteta this summer will be to sign a new striker, with Sporting Lisbon's Viktor Gyokeres and RB Leipzig's Benjamin Sesko who have cited both candidates as possible candidates.
One of the preferred options of Arsenal, however, would be the former frontman of Manchester City Julian Alvarez, who was part of the Argentina team that won the World Cup 2022 in Qatar.
According to Marca, Arsenal is in the race to Liverpool to sign the 25-year-old, but the current club Atletico Madrid does not want to lose him.
Alvarez came to Atletico last summer after spending two seasons in the Etihad Stadium.
During those two seasons, Alvarez scored 36 goals in 103 performances and won six trophies with City, including two Premier League titles and one Champions League.
His Premier League career saw him 20 goals and produced nine assists in 67 performances, 44 of which started.
Since he moved to Madrid, he has scored 29 times in 54 games in all matches for Diego Simeone's side – that third ended in La Liga.
Alvarez wrote a six -year contract with Atletico when he arrived from the city in a transfer deal worth £ 81 million last August.
Since then his value has probably increased, which means that he could be cheaper to acquire than Gyokees or Sesko.
Gyokeres, who is also being sought by Manchester United after plundering 54 goals in his last 52 games for sport, would probably cost somewhere in the region of £ 60 million, where he would leave Lisbon this summer.
In the meantime, Leipzig is planning to keep more than £ 67 million for the 21-year-old Slovenia International Sesko, who scored 27 goals in two German Bundesliga seasons.
Despite maintaining their position as the second best team in England for a third year in a row, Arsenal scored considerably fewer goals during the season.
The men of Arteta yielded 69 times in their 38 league matches (1.81 goals per match), with 88 (2.32 per match) and 91 (2.39 per match) in the previous two campaigns.
No Arsenal player achieved double digits for Premier League goals in 2024-25, with Kai Havertz in front with only nine.
Gabriel Martinelli and Leandro Trossard each recorded eight, while improvised striker Mikel Merino ended the season with seven.