Julian Alvarez has been at the centre of another major transfer saga involving Arsenal, Barcelona and Atletico Madrid.
The Argentine joined Atletico from Manchester City in 2024 after becoming frustrated with his role under Pep Guardiola.
Atletico agreed a package worth up to €95 million for Alvarez, who then signed a five-year contract in Madrid.
However, his future became uncertain again this summer as Arsenal and Barcelona identified him as their leading striker target.
Barcelona submitted an official €100 million offer earlier in the window, but Atletico rejected their approach.
The Madrid club have maintained they will not sell Alvarez to a major domestic rival such as Barcelona.
Arsenal have also remained firmly interested and believe they could reach an agreement with Atletico over a transfer.
The Gunners are prepared to spend more than £120 million and could even go as high as £128 million.
However, any potential move has always depended heavily on Alvarez deciding whether he would accept a return to England.
According to Cesar Luis Merlo (via Tribuna), Julian Alvarez has now decided he will not join Arsenal despite their continued interest.
His position is that he wants Barcelona or no transfer at all, and that stance is not expected to change.
The decision is based on personal and family reasons rather than any sporting issue with Arsenal.
Alvarez does not want to move back to England, leaving Arsenal with little chance of convincing him to join.
Meanwhile, Atletico have also formally confirmed that they will not negotiate with Barcelona over Alvarez this summer.
That leaves the striker in a difficult position because his preferred destination is currently unavailable to him.
Therefore, Alvarez could remain an Atletico Madrid player at least until the January transfer window.
Barcelona and Arsenal are consequently could miss out this summer despite both making Alvarez their leading striker target.
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