The Argentine club will be unable to fend off interest from European clubs for their hottest prospect, who has reportedly already penned a 'deserved' deal with the Gunners
The 23-year-old is considered to be one of the most promising players in Argentina, and his exploits have drawn admiring glances all over Europe.
Arsenal are believed to be leading the chase for Alvarez, but the Premier League outfit also have competition from the likes of Roma and Malaga for the youngster's signature.
Bassedas recognises it will be impossible for Velez to keep their prized asset, who is valued at €10 million (£8.9m), as the club also want the midfielder to flourish and seize an opportunity to further his career.
"It is impossible for him not to go, we cannot retain him," he told TyC Sports. "There are offers that are [irrefutable]... not just because of the [economic] figure, but if Arsenal come, well... then you have to tell the player 'look, you deserve it'. Ricky has a lot to win."
Earlier on Friday, Palermo president Maurizio Zamparini suggested Ricky Alvarez had already signed for Arsenal, and such claims now seem to be gaining momentum.