Arsenal latest: Atletico Madrid 'open' to Julian Alvarez transfer and Gabriel Martinelli exit update

Arsenal are still in the market for a new forward before the transfer window closes, with Julian Alvarez their top target

The summer transfer window is entering its most exciting stage, and Arsenal find themselves at the heart of the action.

With September 1 fast approaching, sporting director Andrea Berta is in a race against time to finalise the Gunners' remaining deals. The Premier League champions have bolstered their squad already this summer, splashing around £200million on five new arrivals - Piero Hincapie, Illan Meslier, Christos Tzolis, Bruno Guimaraes and Ezri Konsa.

Yet, they are still without the world-class forward Mikel Arteta has repeatedly insisted he needs, though they are refusing to abandon their pursuit of £128m-rated Julian Alvarez.

Elsewhere, the situation surrounding Gabriel Martinelli adds further urgency to the club's final days of window business. The Brazilian winger has fallen out of favour at Arsenal at the start of the 2026/27 campaign, and a departure now looks increasingly likely.

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Arsenal receive Alvarez boost

Arsenal have received a boost in their pursuit of Alvarez thanks to Atletico Madrid’s latest statement reaffirming their refusal to sell him to Barcelona this summer. The Argentine striker, who remains Arsenal's primary transfer target in the final days of the window, has made no secret throughout the summer of his preference to join the Catalan club.

However, Atleti have made it clear they will not allow their talisman to join a La Liga rival under any circumstances. Atletico's board continues to back the club management's stance in what could prove a boost for the Gunners, who have bided their time until the close of the summer window to see whether Alvarez will choose to remain in the Spanish capital or make the move to north London following the collapse of his dream switch to Barca.

The statement read: "The members of Atletico de Madrid's board of directors have unanimously expressed their absolute support for the club's decision to not negotiate the transfer of Julian Alvarez to FC Barcelona.

"The members of the board of directors acknowledge that Atletico de Madrid is open to standard transfer market negotiations when conducted in a professional, ethical and respectful manner.

"We fully stand behind the club's previously communicated position that FC Barcelona failed to meet these requirements and, as a result, there will not be any negotiation and there is zero consideration of an Alvarez transfer to Barcelona.

"Atletico de Madrid trust that our player will understand the decision and will remain focused on helping the club achieve its goals, just as he has done during the two seasons he has been defending our colours."

The striker was met with a wave of boos when he came off the bench during Atletico's recent home draw against Villarreal, before making his way down the tunnel alone at full-time without acknowledging the supporters. The World Cup winner has reportedly been absent from training on two successive days since the incident.

Gabriel Martinelli exit paves way

Arsenal are reportedly in a prime position to sign the ideal successor to Martinelli thanks to Lyon's persistent financial difficulties. Arteta looks set to be left lacking options on the left wing despite the arrival of Tzolis, whose signing was always intended to complement rather than replace a marquee addition in that position.

However, having missed out on primary targets Morgan Rogers and Vinicius Junior, 21-year-old Lyon starlet Malick Fofana has emerged as a potential target for the Gunners. The Belgian international has suddenly become far more attainable following the French club's failure to secure Champions League football, according to FourFourTwo.

Lyon were eliminated from their Champions League play-off second leg against Fenerbahce this week, missing out on at least £15.7m in qualification revenue, which will do little to ease their ongoing financial pressures. The Ligue 1 outfit must reportedly raise £86m before 30 June 2027 or face sanctions from the relevant financial and regulatory authorities.

Consequently, Lyon's precarious situation could force them to offer Fofana at well below his market value in a bid to secure the necessary funds and avoid punishment.