Arsenal's dream end to transfer window as Julian Alvarez signs and Mikel Arteta gets £85m boost

Arsenal’s transfer business so far this summer may appear understated on the surface compared to some of their rivals, but there is no doubt that the Premier League champions are a stronger side at the start of the 2026/27 campaign than they were last year.

Sporting director Andrea Berta has brought in five players already for a total of around £200million. The permanent signing of Piero Hincapie and the arrival of Illan Meslier as a back-up goalkeeper added crucial depth early on in the window.

Signing Christos Tzolis for £34million looks to be an absolute steal too, with the Greek winger on course to be one of the bargains of the summer after averaging a goal or an assist in every game so far for the Gunners. Finally, Berta has managed to sign Bruno Guimaraes and Ezri Konsa , two players with a wealth of Premier League experience who will ensure the rest of the squad remain hungry as they look to defend their title. That all gives Mikel Arteta the most stacked squad arguably in the whole of Europe.

But, with just under a week left in the window, there is some outstanding piece of business for Arsenal to complete to ensure it is a 10/10 summer. Berta is still yet to flog several players - namely Gabriel Jesus, Fabio Vieira and Reiss Nelson - who are surplus to requirements.

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The expected departures of Ethan Nwaneri on loan and Gabriel Martinelli, who has been linked with a £50m move to Al-Hilal, in the coming days would provide a financial boost in the form of around £85m received. In turn, that sum would go a long way towards financing a move for their final signing of the summer - a long-awaited marquee forward.

With deals for primary targets Morgan Rogers and Vinicius Junior falling short in recent months, Julian Alvarez is the last truly world class forward being linked with a move to the Emirates Stadium. Arteta and Berta are said to be admirers of the Atletico Madrid striker - and they are ready to splash a club record fee to secure his signature.

The Alvarez transfer saga has proven difficult to navigate so far, with Arsenal purposely keeping the powder dry until the final days of the window to see whether any deal is possible. Atletico have stated all summer long that their talisman is not for sale, insisting they will not sell to rivals Real Madrid or Barcelona, Alvarez’s dream destination, under any circumstances.

Yet, the Argentine’s repeated transfer demands have now led to a complete fracture in the relationship between him and the Spanish giants, with Atleti now open to letting him go for £128m after Alvarez was booed by his own fans on Sunday. Reports claim he has been slowly warming to the idea of joining the north Londoners in recent days, aided by his Barcelona move falling through and staying at the Metropolitano Stadium seemingly no longer being an option.

The dream scenario for Arsenal here would be to make a breakthrough and agree personal terms with Alvarez in the next few days.