Arsenal could revisit £128m striker move in January with loan twist

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Julian Alvarez is back on Arsenal's radar — but the next move for the Atletico Madrid forward may look very different to the one the Gunners explored in the summer.

The Argentine was a target for the north London side before the window closed, only to stay in Spain after a saga that also involved Barcelona. Atletico were reported to have valued Alvarez at around £128million, and they made clear they had no intention of selling him to a domestic rival.

Alvarez himself was said to favour a switch to the Camp Nou if he were to leave Atletico, which left Arsenal with an uphill battle to get a deal over the line.

A January loan on the table

Now there is a fresh angle. The Evening Standard report that Arsenal could revisit a move for Alvarez in the January window — not on a permanent basis, but as a loan.

The reasoning is straightforward. Alvarez has been a regular on the bench rather than in Diego Simeone's starting XI this season, and that lack of minutes is said to make a temporary exit a realistic option once the New Year arrives.

The numbers underline the situation. The 26-year-old has made just four appearances for Atletico this term and is yet to start a La Liga match. He also missed two games earlier this month with a muscle injury before returning as a substitute against Real Madrid at the weekend.

The story behind the failed Barcelona move

Spanish outlet El Confidencial have added further context to why the summer transfer collapsed, claiming Atletico's director of football Carlos Bucero secretly explored the possibility of agreeing a deal with Barcelona for the forward.

According to that report, Atletico's hierarchy were unaware of those discussions, which "sparked great anger" inside the club and ultimately led to the proposal being rejected. Alvarez consequently remains an Atletico player, with his future uncertain as the extended international break gets under way.

Arsenal's reshaped forward line

Any renewed interest would come after a summer of significant turnover in Arsenal's attack. Christos Tzolis arrived from Club Brugge as the club's one forward addition, while Gabriel Martinelli, Leandro Trossard and Gabriel Jesus were all allowed to leave.

That churn leaves Arteta's squad thinner in attacking areas than it was 12 months ago, and a short-term deal for a World Cup winner who cannot get on the pitch in Madrid would represent a low-commitment way of addressing it. It would also sidestep the financial obstacle that made a permanent deal so difficult in the first place — Atletico's nine-figure valuation.

Whether Atletico would sanction a loan for a player of Alvarez's profile is another matter entirely, particularly given how the summer played out internally. For now, the forward's immediate focus is on international duty, with the January window still more than three months away.

Arsenal will have a clearer picture of both their own attacking needs and Alvarez's standing under Simeone by the time the window reopens.