Arsenal has received a significant boost in their pursuit of Julian Alvarez, as the Atletico Madrid forward becomes available for a reduced transfer fee ahead of the January window.

According to Spanish outlet Sport, Atletico’s valuation of the Argentina international has decreased from €200 million (£169m) to €120 million (£101m) due to his disappointing start to the campaign. This development may allow Arsenal to renew their efforts to bring the former Manchester City striker back to the Premier League.

In contrast, Barcelona faces a setback in their pursuit of Alvarez. The 26-year-old has reportedly parted ways with his agent, Fernando Hidalgo, who had been the Catalan club’s main contact during negotiations. Alvarez is expected to work with Javier Pastore, the representative for Chelsea midfielder Enzo Fernandez. This management change could significantly impact the transfer race, especially as Arsenal looks to revive its interest.

The Gunners have already made inquiries about Alvarez’s situation and are considering a fresh approach when the winter transfer window opens. Mikel Arteta’s side views the versatile attacker as a potential upgrade to their attacking options, given his ability to operate as a centre-forward or in a deeper role behind the main striker.

Arsenal may also explore ways to reduce the overall cost of a deal. Viktor Gyokeres, Noni Madueke, and Ethan Nwaneri have emerged as potential options for negotiations, with Gyokeres reportedly attracting interest from Atletico. The Swedish striker has struggled to impress since arriving in north London, and a move to Spain could help him rebuild his confidence while assisting Arsenal in financing a marquee signing.

However, Atletico is unlikely to allow Alvarez’s departure without securing favorable terms. The Spanish club had previously demanded a substantial fee for the World Cup winner and maintained that his release clause was the only acceptable route for interested clubs.