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Arsenal’s pursuit of Julian Alvarez is shaping up to be one of the biggest stories of the final week of the summer transfer window, but how near are Mikel Arteta’s men to signing the Argentina forward from Atletico Madrid?

As of Tuesday morning, there is still considerable work left to do, but the Gunners are, as previously reported, optimistic that a deal can be struck.

Atletico are asking for €150m (£128.4m) for the 26-year-old, who had an excellent World Cup with Argentina, including a stunning extra-time goal that helped beat Switzerland in the quarter-finals.

After failing to pull off an ambitious move for Vinicius Junior earlier in the window, the Premier League champions are now trying to press ahead with another marquee signing that would strengthen their attack as they aim to defend their title and improve in the Champions League after losing last season’s final on penalties to Paris Saint-Germain.

Here is everything currently known about the potential blockbuster transfer.

The Arsenal manager wants a left-sided attacker and has a clear role in mind for Alvarez’s qualities. Arteta’s admiration for the former Manchester City player has been there for a long time.

Leandro Trossard left early in the summer, while Gabriel Martinelli is expected to move on amid interest from Al Hilal. Alvarez is also capable of playing through the middle.

His preference is to stay in Spain, but Atletico are firm that they will not sell him to Barcelona, and that is one reason Arsenal have been encouraged by the possibility of a move.

The angry reaction from Atletico supporters when Alvarez came on as a substitute in Sunday’s draw with Villarreal suggested he may struggle to win back their affection if he remains in the capital.

However, he also has Premier League experience and, if a move to Barca cannot happen, he may be willing to return to England.

From the outside, there was a feeling that Arsenal were used by Vinicius Junior, who signed a new six-year contract with Real Madrid after talks were revived following his flirtation with leaving the Bernabeu.

There is always the possibility of something similar happening with Alvarez, but it appears less likely, and Arsenal have not been discouraged in their chase for a superstar addition.

Alvarez was booed by Atletico fans on Sunday.

Arsenal will try to bring the fee down, but Atletico are under no financial pressure and have been unwavering from the beginning that their valuation is fixed. It is worth recalling that Real publicly revealed at the start of the summer that a bid had been rejected immediately.

Another important point is that Alvarez still has four years left on his contract.

One possible alternative solution would be for Arsenal to offer a part-exchange involving Viktor Gyokeres or Martinelli.

If a deal for Alvarez cannot be completed over the next few days, Arsenal will turn to other targets.

Turkey forward Kenan Yildiz is highly regarded, but the 21-year-old suffered a foot injury while playing for Juventus at the weekend and is expected to be out for several weeks.