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Mikel Arteta’s search for the "missing piece" has led him back to a familiar face. As of Tuesday, February 3, 2026, reports are surfacing that Arsenal have made Julian Alvarez their priority target for the upcoming summer transfer window.
Despite breaking their transfer record last summer for Viktor Gyökeres, the Swede's struggles to adapt to the Premier League have forced the Gunners' hierarchy to consider another marquee move to cement their status as Europe’s elite.
The Madrid Situation: Why Now?
While Alvarez was a sensation during his debut season in Spain (netting 17 league goals), his second year has been more complicated.
The Goal Drought: "La Araña" (The Spider) has struggled for clinical form recently, failing to score in his last 10 La Liga appearances.
The "Unhappy" Rumors: Pundit Gary Lineker recently revealed that Alvarez is "not entirely happy" with life under Diego Simeone, sparking hope for a Premier League return.
The Lookman Factor: Atlético’s recent €35m signing of Ademola Lookman from Atalanta—along with the presence of Alexander Sørloth—means the Spanish giants now have the tactical depth to consider a massive sale.
The Verdict: With Arsenal currently leading the Premier League by six points, this move signals a "win-now" mentality. Securing Alvarez wouldn't just be a tactical upgrade; it would be a psychological statement to the rest of Europe.