Arsenal have also remained firmly interested and believe they could reach an agreement with Atletico over a transfer.

Atletico facing a complicated final few days of the window

Alvarez has softened his stance on a potential Arsenal move despite still preferring Barcelona.

Premier League teams have generally spent their biggest fees on players.

The Gunners are financially capable of breaking their transfer record.

Arsenal have maintained their interest and contacted both Atletico and Alvarez’s camp last week about a possible transfer.