Arsenal's pursuit of Vinicius Junior, who enters the final year of his Real Madrid contract, will have a knock-on effect on Julian Alvarez, the Atletico Madrid striker wanted by Barcelona, according to a press report.
Arsenal, Paris Saint-Germain and Barcelona have all declared their interest in the 26-year-old Argentina international.
At the last World Cup, Alvarez announced he wanted to leave Atletico Madrid "to fulfil a dream". He never spelled out what that dream was, but everyone who heard him understood the message: Barcelona.
More than a month has passed since then. Atletico still refuse to grant their player's wish, a player who that day pointed to an earlier conversation with the club he is tied to until 2030.
So far, Atletico have floated only two options. The first is a release clause worth 500 million euros, an eye-watering sum beyond the reach of any club.
The second option, selling the player, remains open. Should it come to that, Atletico would rather see Julian anywhere but one of the two sides fighting them for the La Liga title.
Arsenal are not Atletico's preferred solution, yet they could offer a last-minute exit. Barcelona, meanwhile, have not given up. They have reaffirmed their offer of 100 million euros and still hope the window's progress will crack open the door to negotiation.
The newspaper "Mundo Deportivo" reported that Julian remains a primary target for Barcelona, though they can rest a little easier having signed Anthony Gordon and Karim Adeyemi to bolster their attack, even if neither is a striker in the strict sense.
Vinicius, meanwhile, sits among the leading candidates to strengthen the attack of the Premier League champions and Champions League runners-up.
Arsenal are watching the Brazil international closely and will move for him if he fails to renew with Real Madrid. Interest remains at an early stage, with no talks yet held between the two clubs.
Vinicius's name surfacing in Arsenal's plans marks a fresh twist in this interconnected market.
Two factors explain Arsenal's interest. Talks over a new deal for Vinicius have dragged on without resolution at Real Madrid, and the Spanish club are reportedly preparing a huge bid for the 19-year-old Ivorian winger Yan Diomande.
There is another twist, according to "The Athletic": Diomande and Vinicius share the same players' agency.
No talks have taken place between the clubs as things stand. But if the much-discussed renewal of Vinicius's deal, which expires in 2027, does not materialise, it would make sense for Real Madrid to use what is left of the current window to sell the 26-year-old Brazil international for a hefty fee. Come January, the player can agree his future with any club he chooses, and his current side would pocket nothing.
ESPN report that Real Madrid see Arsenal as the only viable destination for Vinicius should he fail to agree a renewal.
Should Arsenal's interest firm up into a serious offer to Real Madrid, the European runners-up and Premier League champions would be less likely to chase Julian Alvarez as well. That plays right into Barcelona's hands.