Could Barça and Arsenal miss out? Another top club has reportedly made signing Julian Álvarez a priority

PSG faces stiff competition in the race to sign Alvarez. In recent weeks, FC Barcelona and Arsenal have also been linked with the Argentine, who is seen as the ideal solution for their attack. 

Atletico manager Diego Simeone recently acknowledged the forward's broad market and expressed frustration at persistent reports linking him with a move to Barcelona this summer. At Barca he is seen as the leading candidate to replace Robert Lewandowski, whose expiring contract will not be renewed. "That's normal. He's an exceptional player," Simeone said, adding, "There is interest from Arsenal, Paris Saint-Germain, Barcelona and other teams, but we are not worried."

The striker position remains one of PSG's few weak points, despite the club being crowned French champions once again on Wednesday. Ousmane Dembélé, a natural winger, usually operates as a centre-forward under manager Luis Enrique and is doing an admirably effective job. The former BVB man has helped PSG reach the Champions League final again and remains the reigning Ballon d'Or winner. Beyond him, options are scarce.

Since arriving from Benfica Lisbon in 2024 for €65 million, Goncalo Ramos has struggled to justify his price tag and often finds himself on the bench in big games. The same applies to Randal Kolo Muani, signed from Eintracht Frankfurt in 2023 for €95 million, who has now been loaned out for a second spell. After a single season at Juventus, he is now battling relegation with Tottenham Hotspur. Both players are expected to be sold.

Alvarez, meanwhile, is enjoying another outstanding season with Atlético. In 49 competitive matches, the Argentina international has scored 20 goals and provided nine assists. As his contract runs until 2029, a potential transfer fee of well over €100 million is on the cards. The release clause required under Spanish law stands at half a billion euros.