Arsenal Julian Alvarez interest grows as Gabriel Martinelli nears Al Hilal move, with Mikel Arteta considering a major late-window attacking change

Arsenal manager Mikel Arteta is considering a major attacking change in London on Tuesday, August 25, 2026, with Atletico Madrid forward Julian Alvarez emerging as the club’s leading target if Gabriel Martinelli completes a proposed move to Al Hilal.

Also read: Arteta Confirms: Myles Lewis-Skelly Stays at Arsenal

Arsenal and Al Hilal have made progress over a deal for Martinelli, with the 25-year-old Brazilian seriously considering a move to Saudi Arabia if the clubs can reach an agreement over the fee.

Sky Sports reports that a sell-on clause worth up to 20 per cent of any future profit is also expected to form part of the negotiations.

Martinelli’s potential departure would represent a significant change for Arsenal. The winger has been at the club since 2019 and was part of the squad that won the Premier League last season.

He has, however, been absent from Arsenal’s matchday squads for both the Community Shield victory over Manchester City and the opening-day Premier League win against Coventry City, increasing speculation over his future.

Sky Sports reports that the Argentina international remains Arsenal’s top forward target before the transfer deadline.

The Daily Mirror has reported that Arteta is prepared to make a push of about £130m for Alvarez, although the Arsenal manager wants assurances that the player is genuinely willing to move to north London.

The scale of the proposed fee illustrates why any deal would be a major financial commitment.

Alvarez joined Atletico Madrid from Manchester City in 2024 after winning multiple major honours in England and becoming a World Cup winner with Argentina.

His versatility is particularly attractive to Arsenal because he can operate as a central striker while also contributing from wider attacking positions.

That flexibility could give Arteta another powerful attacking option as Arsenal attempt to defend their Premier League title and compete across domestic and European competitions.

The Guardian has reported that the 26-year-old has remained interested in a move to Barcelona, while Atletico would prefer to avoid selling one of their most important players to a domestic rival.

Arsenal could therefore represent a more attractive destination for the Spanish club if Alvarez ultimately decides to leave Madrid.

Alvarez’s position has attracted further attention following Atletico’s 2-2 draw with Villarreal, during which some supporters reportedly booed the striker.

The reaction came amid continuing uncertainty over his future, although it does not by itself indicate that a transfer is imminent.

For Arsenal, the situation has been made more urgent by another attacking target.

Juventus forward Kenan Yildiz had been linked with the Gunners, but the Turkey international has suffered a left-foot injury.

Sky Sports reports that Juventus are considering treatment options, including surgery, which could keep Yildiz out for several weeks.

That development could narrow Arsenal’s options at precisely the moment when Martinelli’s future is becoming clearer.

Arsenal have already made significant moves in the transfer market and are entering the season with considerable ambition.

The club began its title defence with a 3-0 victory over Coventry City after defeating Manchester City 3-0 in the Community Shield.

The club have also strengthened defensively with the arrival of Ezri Konsa from Aston Villa in a deal reported at £55m by Sky Sports.

A successful pursuit of Alvarez would therefore be another statement of intent rather than a routine replacement for a departing player.

Yet Arsenal must first resolve Martinelli’s situation.

Sky Sports reports that Martinelli is open to joining Al Hilal, while negotiations between the Saudi club and Arsenal have advanced.

An agreement on the transfer fee has not been completed, meaning the proposed move remains subject to further talks.

The winger’s potential exit also explains why Arsenal are looking beyond a simple squad reshuffle.

Martinelli has provided pace, direct running and goals from the left side, and replacing those qualities with a player of Alvarez’s calibre would require careful tactical planning.

Alvarez would offer something different.

Rather than being a like-for-like replacement, the Argentine could give Arteta greater freedom to alter the shape of his attack.

His experience at Manchester City and Atletico Madrid, together with his international pedigree, would also bring considerable big-game experience to an Arsenal side seeking sustained success.

There remains, however, a considerable gap between interest and completion.

Arsenal have not agreed a deal for Alvarez, while Martinelli has not yet completed his proposed transfer to Al Hilal.

The situation could therefore develop rapidly as the transfer deadline approaches, but neither move should be treated as completed.

For now, Arsenal are balancing two major decisions.

One concerns the departure of a 25-year-old winger who has been part of the club’s modern resurgence.

The other concerns whether the club is prepared to make a potentially huge investment in Alvarez to strengthen an already ambitious squad.

If Martinelli leaves and Arsenal succeed in bringing Alvarez to the Emirates, the move would represent one of the most significant late-window developments of the summer.

Also read: Arteta Confirms: Myles Lewis-Skelly Stays at Arsenal

For Arteta, it could also provide an important final piece as Arsenal seek to turn last season’s title success into the beginning of a sustained period at the top of English football.