Could Atletico interest in £48.5m Gunner open door to Alvarez?

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Arsenal's long-running interest in Julian Alvarez could be given fresh life in January — and the route to a deal may run through one of their own forwards.

The Gunners were heavily linked with the Argentina international during the summer window as they looked to add to their attacking options. Alvarez's situation at Atletico Madrid became complicated when Barcelona pushed to sign him, with the 26-year-old said to have been open to a move to Catalonia before Atletico refused to sanction an exit. That stance opened the door for Arsenal to explore a switch to the Emirates Stadium, but no deal materialised.

The Telegraph report that changes the picture

According to The Telegraph, Atletico Madrid have expressed an interest in signing Arsenal forward Noni Madueke, with Juventus also monitoring the England international.

The report claims Madueke's lack of starts in north London this season has alerted clubs across Europe. He has featured five times in all competitions this term, with just two of those appearances coming in the Premier League — a total of 23 minutes of top-flight football.

Atletico's interest in Madueke was not framed as part of any Alvarez negotiation in the report. But the overlap is obvious: if the Spanish side want a player Arsenal are not currently using, a swap deal or cash-plus-player arrangement becomes a realistic avenue when the January window opens.

Madueke's Arsenal story so far

Madueke arrived last year in a £48.5million deal from Chelsea and played his part in Arsenal's Premier League title win, scoring eight goals across 43 appearances in all competitions. He was also part of the England squad at the summer World Cup.

His reduced role this season has had consequences beyond club level. A lack of minutes under Mikel Arteta has seen Thomas Tuchel leave him out of the England squad for the Nations League fixtures during the current international break.

For Arsenal, any decision would need to balance squad depth against the chance to land a forward they pursued only months ago. Alvarez, who can operate centrally or off the left, has been a consistent presence for Atletico since his move from Manchester City, and his contract situation in Madrid remains a point of intrigue after the summer's Barcelona saga.

What happens next

Nothing is imminent. The January window does not open for another three months, and Atletico's refusal to sell Alvarez in the summer suggests they will not be rushed into anything now.

Equally, Madueke's situation could change quickly. A run of starts between now and the turn of the year would shift the conversation entirely, and Arsenal are under no obligation to entertain offers for a player they signed for a substantial fee barely a year ago.

The next few months of selection decisions at the Emirates will likely determine whether this becomes a genuine negotiation or simply another piece of winter window noise.