Alvarez has two options left after five-hour meeting and missing training again

Arsenal target Julian Alvarez and his representatives have reportedly held a mega five-hour late-night meeting to thrash out his future. It is understood that his only two remaining options are to stay at Atletico Madrid or make the move to the Gunners.

The former Manchester City forward has attracted attention from Mikel Arteta's side as they seek to bolster their attacking options. Alvarez has made clear his desire to depart Diego Simeone's squad, prompting interest from several of Europe's top clubs.

Barcelona made an approach to their La Liga counterparts, but Atleti have refused to sanction a sale to the Catalan side. Atletico issued two public statements within 24 hours reinforcing their position that the Argentine will not be permitted to join Barca this summer.

This has left the 26-year-old in an awkward situation after being jeered by Atleti supporters during their 2-2 home stalemate with Villarreal on Sunday. Spanish media outlet SERDeportivos now reports he must either remain at the club and attempt to rebuild bridges with the fanbase or head back to the Premier League with Arsenal.

Atleti director Mateu Alemany was reportedly in London last week, where he is believed to have held talks with Gunners officials - making it clear his club would demand a fee of €150million (£128m).

Alvarez has been missing from Atleti training for three consecutive days as he attempts to sort out his future.

Issuing a strongly-worded statement on Thursday, Atleti said: "The members of Atletico Madrid's Board of Directors have unanimously expressed their full support for the club's decision not to negotiate the transfer of Julian Alvarez to FC Barcelona. The members of the Board of Directors are aware that:

"Atletico Madrid is open to negotiations that are part of the transfer market, but always in an ethical and professional manner and with respect between clubs.

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"We fully support the position previously communicated by the club that FC Barcelona have not met these requirements and, as a result, there have been no negotiations, nor will there be any negotiations with them regarding the transfer of Julián Alvarez."

Boss Simeone has come to Alvarez's defence after he was met with jeers from sections of the home support last weekend.

He said: "We need strikers, good strikers. We have him, and we have to take care of him.

"I think we all need to be united. Julian is with us on the team, and as long as he's here, we're going to support him. We want the best for him because we know what he can contribute.