Paris Saint-Germain have reportedly opened talks with Atletico Madrid over a move for Arsenal target Julian Alvarez, in a transfer that could cost a staggering €150 million (£130 million). The 26-year-old World Cup winner helped fire Atletico to the Champions League semi-finals, where they were eliminated by Arsenal.
Alvarez's long-term future in the Spanish capital is now under scrutiny just two years after his move from Manchester City. Arsenal have been weighing up a move for the striker, with sporting director Andrea Berta—who previously held the same role at Atletico—directly involved in the deal that took Alvarez from Manchester to Madrid in 2024.
Barcelona and PSG Enter the Race
Barcelona are also interested in signing Alvarez as they search for a long-term replacement for Robert Lewandowski. However, reports in Spain now claim PSG have joined the race. According to El Chiringuito, the French champions have opened negotiations with Atletico, placing Alvarez on their shortlist of summer transfer targets. The report claims the transfer fee could exceed €150 million, and that PSG manager Luis Enrique has held direct talks with the player.
Champions League Final Implications
Arsenal and PSG are set to meet in the Champions League final in Budapest on 30 May. A first-ever European triumph would leave the north Londoners in a prime position to attract top talent. Former Arsenal midfielder Ray Parlour has expressed his admiration for Alvarez.
“For me, Alvarez would be a great addition to the squad,” Parlour told Metro in March. “There will always be people coming and going in the summer because it’s a big squad and they can’t keep everyone happy. But Alvarez would be a fantastic option to have with his pace and what we saw at Man City. It was always going to be difficult for him playing with Erling Haaland there but when he did start and when he did play, he was always lively. He’s a young man too, so if he’s available it’s a yes for me. We know how Arteta likes to work with young players to make them better so I think it would be a great addition, definitely.”
The transfer saga adds an extra layer of intrigue ahead of the Champions League final, with both clubs vying for the player's signature. Arsenal will hope that a victory in Budapest could sway Alvarez's decision, but PSG's financial muscle and direct talks with the player could prove decisive.
