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Arsenal have pursued Julian Alvarez throughout the summer, and Atletico Madrid have now relented to open negotiations over the forward.

Arsenal have been cleared to start discussions with Atletico Madrid for Julian Alvarez.

The 2022 World Cup winner was booed and whistled by his own supporters on Sunday night as he made his first appearance in Rojiblancos colours since publicly declaring that he wants to leave the Spanish capital.

With Arsenal having tracked Alvarez all summer, The Standard has cited information from The Athletic saying Atletico have backed down and are now prepared to discuss terms for their previously untouchable attacker.

With the hostility between Alvarez and Atletico fans laid bare by the scenes at the Metropolitano over the weekend, there has reportedly been a shift in position from his club: Atleti turned down a £128 million offer for their star from city rivals Real Madrid in June, but are now ready to discuss a sale at that valuation.

That would make the former Manchester City player Arsenal's record signing, with the Premier League champions having paid just over £100m for Declan Rice in 2023. The Gunners are also looking to move Gabriel Martinelli for more than £50m to the Saudi Pro League in the coming days in order to balance the books.

The Standard has also repeated that Alvarez's preference is not a switch to North London but a move to Barcelona. However, with Atletico unwilling to negotiate with their La Liga rivals, the Catalan club have abandoned hopes of signing the 26-year-old.

That leaves Alvarez at a crossroads: either he stays on under Diego Simeone for another season or departs for a fresh challenge at the Emirates Stadium.

FourFourTwo understands that both Gabriel Jesus and Viktor Gyokeres have been mentioned as possible pieces in a potential agreement. Jesus is now into the final year of his Arsenal contract, while Gyokeres was left on the bench against former club Coventry City last Friday in the first Premier League match of the season.

Both players have been discussed as lower-cost options to strengthen Barcelona's attack, although Blaugrana are working on deals to move on La Masia graduates Alejandro Balde, Marc Casado and Hector Fort. Gyokeres has also been suggested as a possible replacement for Alvarez himself.

Arsenal are also seeking a loan move for one of their own academy graduates, Ethan Nwaneri, as manager Mikel Arteta looks to complete a squad capable of challenging on all four fronts this season.

Alvarez joined Atletico two years ago after spending two years in English football, during which he won the league twice and the Champions League, as well as the World Cup in Qatar.

As David Ornstein reported for The Athletic back in 2024, Los Colchoneros signed the centre-forward in a deal worth more than £80m, handed him a six-year contract and inserted a release clause valued at €500m (£427.1m).

According to Transfermarkt, Alvarez is worth €120m. Arsenal face Aston Villa when Premier League action resumes next weekend.