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Arsenal have been handed encouragement that a deal for Julian Alvarez could still be done before the transfer window shuts, with the Premier League champions actively trying to put an agreement in place.

Atletico Madrid are asking for €150m (£128.4m) for the attacker, who impressed at the World Cup with Argentina, including an extra-time stunner that helped beat Switzerland in the quarter-finals.

There is still considerable ground to cover before any transfer becomes possible, but the London club are trying to bring that valuation down, while the Kroenke ownership are taking the same view they did over Vinicius Junior: that they are prepared to support the right major move.

There is, of course, an awareness that Arsenal could become entangled in similar Spanish football politics to those they encountered with the Real Madrid star, as Alvarez's long-held preference has been to remain in Spain and join Barcelona.

Atletico, however, have stayed firm in their position that they will not sell to their Catalan rivals under any circumstances, and that has led to some rethinking from the 26-year-old, who was loudly booed by his own supporters after coming on in the match against Villarreal at the weekend.

Mikel Arteta is determined to add a left-sided attacker to complete the champions' summer business, and Alvarez had emerged as the leading target after Vinicius Junior. The Arsenal manager is understood to have long believed there is a very specific role for the Argentina forward in his side because of his technical ability and the mobility he would add to the attack.

Arsenal have also been considering Kenan Yildiz, who remains an option, although Juventus manager Luciano Spalletti has insisted the club are “very calm” about his future staying in Turin.

There is therefore a feeling that Alvarez may be an even stronger fit for exactly what Arteta is looking for.

As with Vinicius, Arsenal have been working on the possibility of this transfer for months, dating back to last season.

Both the transfer fee and talks with Atletico could also be eased by players potentially moving in the opposite direction. Viktor Gyokeres or Gabriel Martinelli could be used as makeweights in any agreement. The Brazilian's future is already uncertain after he was left out of Arsenal's squad for the game against Coventry City amid interest from Al Hilal.