Arsenal remain realistic about their chances of signing Alvarez before next week’s transfer deadline.
They want him, they are trying, but the outcome is far from certain.
Manager Mikel Arteta and sporting director Andrea Berta know a deal is a long shot, not least because the former Manchester City forward has so far shown little inclination to move to the Emirates.
Alvarez’s current reluctance is not linked to any concerns about Arsenal; rather, he is keen on fulfilling his dream of joining Barcelona.
He has also been warned about visa issues that could complicate his family’s travel to the UK.
Barcelona are fully prepared to bring him to Catalonia, but Atletico have made it clear they will not sell him to their city rivals.
Atleti have publicly mocked Barcelona’s interest and insist the matter is closed, jeopardising Alvarez’s dream.
This leaves Arsenal with a slim chance, as the only viable exit route appears to be a move to north London.
Recent indications suggest Alvarez’s stance has softened slightly, though it is not enough to lift Arsenal’s hopes.
If he changes his mind in the final days of the window, the Gunners are ready to act.
Since the start of the summer, Arsenal have been confident that a Barcelona move was unlikely, allowing them to focus on other targets and now intensify their pursuit of Alvarez.
Atleti director Mateu Alemany visited London and made clear a €150m (£128m) fee is required; Arsenal believe they can meet that sum if Alvarez agrees.
Arteta acknowledges that signing Alvarez this summer would mean the player is settling for a club he did not originally target, but he is comfortable with that scenario and believes the attacker would eventually become fully committed to the Arsenal project.
The decision now rests with Alvarez. Sources close to the player say he wants to leave Atletico, and if he does, Arsenal appear to be his only realistic option in the Premier League.
