Arsenal have received a major boost in their pursuit of two summer targets after reports claimed Barcelona have given up on signing Julian Alvarez. The Gunners, who finished top of the Premier League last season with 85 points, are now linked with both Alvarez and Dani Olmo as Mikel Arteta looks to strengthen his squad before the transfer window closes.

What’s happening with Alvarez?

Atletico Madrid striker Alvarez has made it clear he wants to leave this summer, with Barcelona emerging as his preferred destination. However, Atletico are refusing to sell to their Catalan rivals for any price. That’s where Arsenal come in. Reports from Spain suggest Atletico are now more open to discussions with the Gunners, giving Arsenal a clear path to sign the Argentina international.

Manchester United legend Paul Scholes recently urged Arsenal to break the bank for Alvarez, arguing there’s a shortage of top-class strikers in world football. Scholes said on The Good, The Bad & The Football podcast: “If Atletico Madrid want £100m, any big club needs to go and get him. Just go and get him. There’s not even a debate. I don’t see loads of top-class centre-forwards knocking about. Alvarez is a match-winner. What a signing that would be.”

Arsenal missed out on Morgan Rogers earlier this summer, with Chelsea paying £117m to sign the England international. That leaves Arteta still searching for a top-class attacking midfielder before the window shuts.

Arsenal make a £72m move for Olmo

In a twist, reports in Spain claim Arsenal have made a €85m (£72m) bid for Barcelona’s Dani Olmo. Arteta is said to have made it “very difficult” for Barcelona president Joan Laporta by submitting the offer, with the Gunners ready to guarantee Olmo a prominent role.

The 28-year-old Spain international has struggled for game time under Hansi Flick, with Fermín López often preferred. Olmo’s potential departure from Spotify Camp Nou could hinge on whether he sees Arsenal as a better fit than staying put.

Arsenal’s recent form has been strong, with a five-game winning run ending the 2025-26 season on a high note. Their last result was a 2-1 win over Crystal Palace on May 24, 2026, as they finished seven points clear of Manchester City in the Premier League.

What happens next?

The next fixture for Arsenal is a home game against Chelsea on September 6, 2026. With the transfer window still open, Arteta will be hoping to finalize at least one of these deals before the deadline. The Gunners’ attacking options could be transformed if both Alvarez and Olmo arrive, giving them a major boost ahead of the new campaign.