Arsenal are weighing up a bold move for Manchester City forward Julián Álvarez and could be prepared to include two first-team players as part of a deal, according to the latest reports.
The Argentina international has been a key figure for City since arriving from River Plate, but his long-term role under Pep Guardiola continues to attract attention. With Erling Haaland still the club’s main No. 9, Álvarez has often been used across several attacking positions, and that versatility has only increased interest from elsewhere.
Arsenal are believed to be among the clubs monitoring the situation closely as Mikel Arteta looks to add goals and depth to his front line. The Gunners have been linked with a number of forwards in recent windows, yet Álvarez’s profile is seen as an ideal fit: mobile, aggressive without the ball and capable of playing through the middle or off a striker.
The new twist is the suggestion Arsenal could try to tempt City by offering two established names in exchange, rather than proposing a straight cash bid. Any negotiation between Premier League rivals is likely to be complicated, particularly with City under no pressure to sell. Still, including players would allow Arsenal to raise the appeal of a potential package and reduce the upfront fee.
City’s stance remains that Álvarez is valued highly and not actively on the market. However, the player’s own ambitions will matter. With another major tournament cycle approaching and competition for places at club level intense, regular starts could become a bigger priority.
While Arsenal explore their options, Real Madrid are reportedly keeping a close eye on Jude Bellingham’s situation, amid talk that the England midfielder could be involved in a future high-profile decision. Bellingham has been a standout since arriving in Spain and quickly became central to Madrid’s plans, both in terms of output and personality.
Despite that, speculation has emerged around a possible departure at some stage, with Madrid understood to be assessing how their midfield and attacking structure evolves over the next year. The club’s transfer strategy has often involved making room for new stars, and there is constant scrutiny on how the squad will be balanced as new signings arrive and younger players push for more minutes.
For now, Madrid are not thought to be close to letting Bellingham go, and there has been no clear indication he wants out. But the fact his name is being discussed in exit terms reflects the size of expectations at the Bernabéu and the financial power that could be at play if a serious bidder ever steps forward.
Both situations remain in the early stages, with plenty dependent on player wishes, club demands and the shape of the summer market. Arsenal’s pursuit of a forward appears to be building, while Madrid’s long-term planning continues to fuel rumors around even their biggest names.
