With Barcelona and Real Madrid effectively ruled out by Atletico Madrid's refusal to sell to either rival, Arsenal are now pushing to get a deal for the striker done before pre-season begins in earnest, says the Independent.
It's a strange twist that this window of opportunity has opened just as Alvarez delivered arguably his best moment of the World Cup — a curling extra-time winner that sent Argentina past Switzerland and into the semi-finals on Sunday. Spain had always been his stated preference, with Barcelona or Real Madrid the dream, and he remains open to Arsenal rather than actively pursuing the move himself.
But Atletico Madrid have dug in, making their refusal to strengthen a domestic rival public through a string of pointed social media posts, visibly irritated by how openly both Madrid clubs have campaigned for their player.
Paris Saint-Germain's interest, by contrast, never looked like more than window-shopping — a way of testing the market rather than a serious bid, according to those close to the situation.
Arsenal's pursuit hasn't been a straight line. Alvarez has been manager Mikel Arteta's top attacking target for some time, but the complexity of getting a deal past Atletico's resistance led the club to explore alternatives, most notably Bradley Barcola. There was genuine encouragement that PSG might be open to letting the winger go as they reshape their own attack, though Qatar Sports Investments remain reluctant to sanction his exit.
Nothing is guaranteed to stay this way. A chaotic World Cup could easily reshuffle the picture once the tournament dust settles and clubs reassess their priorities, particularly if Barcelona or Real Madrid find a way around Atletico's refusal by routing a deal through intermediaries or waiting out the transfer window.
For now, though, Arsenal see a rare opening — Atletico's stand-off with their domestic rivals doing more to clear Alvarez's path to north London than anything Arsenal have done themselves, and the club are keen to press home that advantage while it lasts.