Arsenal suffer Julian Alvarez transfer blow with huge offer being prepared

Alvarez is also wanted by Barcelona (Picture: Getty Images)

Atletico Madrid are ready to make Julian Alvarez the best paid player at the club to keep him out of the clutches of Arsenal and Barcelona this summer.

Alvarez left Manchester City to join Atletico in the summer of 2024 but is firmly on the Gunners’ radar ahead of the summer transfer window.

Arsenal are weighing up a bid for the Argentina international with Andrea Berta , the club’s sporting director, playing key role in the striker’s £81million move from City to the Wanda Metropolitano two years ago.

Barcelona are also interested in the 26-year-old as a long-term replacement for Robert Lewandowski.

While insisting he is happy in the Spanish capital, Alvarez did not rule out a summer exit when recently quizzed on his future.

While he has four years left on his current contract which has a staggering release clause of €500million, Atletico now want to offer their player an improved deal to end any doubts over his future, Marca report.

A new contract would see Alvarez’s salary increase from €7million to €10million per-year, matching that of current top earner Jan Oblak.

Alvarez will become Atletico’s joint-top earner if he signs the new deal (Picture: Getty)

While formal talks have not begun at this stage, Atletico hope a new agreement will end any questions over the player’s long-term commitment.

Arsenal are in the market for a left winger and a central midfielder this summer but club legend Ray Parlour believes another striker is needed in north London.

Predicting Gabriel Jesus will move on at the end of the season, the Invincibles winner believes signing Alvarez would be ‘fantastic’ business.

‘I think Jesus might leave at the end of the season, he is at that age where he wants to be playing week in, week out,’ Parlour told Metro.

Parlour believes Jesus will leave this summer (Picture: Getty)

‘We could lose him. We had four strikers when I played. That’s what I don’t understand. (Regardless of Jesus leaving), bring in another one anyway. That can give the other options a lift because they see the standard being set.

‘For me, Alvarez would be a great addition to the squad. 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.