Arsenal could revisit £128m forward in January — with a twist

September 24, 2026DailyAFC Staff

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Arsenal's failed summer pursuit of Julian Alvarez may not be finished after all, with a January return for the Atletico Madrid forward reportedly under consideration — this time as a loan.

Spanish media, as cited by The Standard, suggest the Gunners could revisit a move for the Argentina international when the next window opens, having fallen short in their approach for the £128million-rated striker over the summer.

The backstory is well documented. Alvarez was keen to leave Atletico, but his preference was a switch to Barcelona — a move Diego Simeone's side refused to sanction at any price, given the prospect of strengthening a direct La Liga rival.

The fallout has left Alvarez in an awkward position. Since the saga, he has been restricted to a bench role in La Liga, and that reduced involvement is reportedly behind the suggestion that a temporary arrangement could be on the table in January.

A January window to watch

For Arsenal, the timing of any renewed interest would come with plenty of context. Mikel Arteta's side head into the three-week international break off the back of a defeat to Brighton, with Leeds visiting the Emirates when club football resumes and trips to Liverpool and Bayern Munich on the horizon.

It is worth stressing where this one currently sits. This is a Spanish media report relayed by The Standard rather than a tier-one scoop, and there is no indication of a formal approach at this stage. A loan for a player valued at £128m would also be an unusual piece of business for any club to negotiate.

Carsley urges patience over Dowman

Elsewhere, England U21s boss Lee Carsley has called for patience over Max Dowman, insisting he has no intention of fast-tracking the 16-year-old after the Arsenal youngster received an U19s call-up this month.

"He's definitely an outstanding talent. It's inevitable that he's going to be with the Under-21s because of his talent," Carsley said. "But we have to make sure we do that at the right time, that he comes away with us and plays minutes and competes with the other players that are in his position."

Carsley pointed to a familiar Arsenal precedent. "We had a similar issue a few years ago with Ethan Nwaneri. He was early and he made his debut and he's done really well but there's that tendency to push him on quickly. We have to be patient and make sure that ultimately we want them to play for the senior team for a prolonged period so we have to make sure we get the time right with that."

Dowman has featured 10 times for the U19s, registering seven goal contributions.

With 17 Gunners away on international duty, Arteta will spend the break working with those left in north London before Leeds arrive at the Emirates.