Atletico Madrid have reiterated that Julian Alvarez is not for sale despite growing speculation linking the Argentina international with a summer move to Arsenal.
Club president Enrique Cerezo has dismissed suggestions that Atletico are prepared to cash in on the striker, who enjoyed an outstanding 2025/26 campaign, scoring 20 goals in 49 appearances across all competitions.
Arsenal are among several European heavyweights monitoring the 26-year-old, with Barcelona and UEFA Champions League holders Paris Saint-Germain also credited with an interest.
Reports in Spain have claimed the Gunners explored the possibility of a swap deal involving Viktor Gyokeres, although no agreement has been reached between the clubs.
Speculation over Alvarez’s future intensified after the former Manchester City forward admitted he had discussed his situation with Atletico and suggested a transfer could be the best outcome.
Speaking to ESPN after Argentina’s victory over Jordan, Alvarez said: “Honestly, I don’t know. I don’t think this is the right time to talk about it, but I can’t hide or pretend otherwise either.
“I try to be an honest person. I spoke with the people at the club I needed to speak with. The best thing for everyone is a transfer. I want to fulfil my dream.”
Despite the player’s comments, Atletico remain under little pressure to negotiate. Alvarez’s contract reportedly includes a €500 million (£431 million) release clause, putting the La Liga side in a strong position as interest continues to grow.
Cerezo’s latest remarks underline Atletico’s stance that the club are not looking to lose one of their key players ahead of the new season, even as Europe’s biggest clubs continue to monitor the situation.