Chelsea ready to ‘break the bank’ for Julian Alvarez

Chelsea are willing to “break the bank” to sign Atletico Madrid forward Julian Alvarez, according to reports in Spain.

The Argentina international has been a standout performer for Diego Simeone’s side since his arrival from Manchester City in 2024, and widespread reports have suggested that he could push to leave the club this summer.

Alvarez has scored 40 goals and provided 13 assists in 88 appearances for Atletico Madrid and his form has attracted the attention of numerous top European clubs, including Arsenal, Barcelona, Chelsea and Paris Saint-Germain.

The 26-year-old is expected to cost a transfer fee in excess of €100 million later this year and Spanish publication Sport (via Sport Witness) claims that both Arsenal and Chelsea are “prepared to break the bank” in order to win the race for his signature.

Furthermore, rumours of a move back to the Premier League have intensified following news that Alvarez’s agent, Fernando Hidalgo, recently travelled to England, with Arsenal and Chelsea eager to bring him to London this summer.

Both clubs signed new centre forwards last year, with Viktor Gyokeres moving to the Emirates Stadium and Joao Pedro and Liam Delap joining Chelsea, but they remain keen on adding attacking reinforcements and Alvarez has been sounded out as a top target.

Julian Alvarez transfer update

It has been reported that Barcelona remain Alvarez’s preferred destination, however Hansi Flick’s side are hamstrung by well-documented financial issues and there are concerns surrounding their ability to fund a move for the Atletico Madrid striker.

Meanwhile, ESPN state that Barcelona are considering offering Robert Lewandowski a new contract in order to extend his stay at Camp Nou by a further season.

This suggests that a move for Alvarez remains unlikely, meaning Arsenal and Chelsea could be set to battle it out for his signature when the 2026 summer transfer window opens.

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