Barcelona have prioritised a move for Álvarez, 26, throughout the summer, with the striker himself said to be keen on a switch to Camp Nou. Atletico Madrid, however, have made clear they are not willing to sell, having already rejected a bid of around £130 million from rivals Real Madrid earlier in the window.
That resistance has pushed Barcelona to explore alternatives to the former Manchester City forward.
According to El Chiringuito, Gyökeres, 28, is now among the club's backup options as they look to strengthen their attack, with the same source suggesting Barcelona could move for the Sweden international within hours.
Barcelona's interest in Gyökeres has intensified since Ferran Torres' departure to Paris Saint-Germain left the club short of attacking options. Barcelona are also said to be keeping tabs on Inter Milan's Lautaro Martínez and Sporting Lisbon's Luis Suárez as further alternatives should the Álvarez pursuit continue to stall.
Gyökeres has struggled to fully replicate the goalscoring form that made him one of Europe's most prolific strikers during his time in Portugal since joining Arsenal. Across two seasons at Sporting, the Swede scored 97 goals and provided 28 assists in 102 appearances, numbers he has not been able to match during his time in England so far.
The Sweden international joined Arsenal from Sporting last summer in a deal worth around €70 million, and while he ended his debut season with 21 goals across all competitions, he was not always a guaranteed starter under Mikel Arteta, appearing as a substitute in Arsenal's Champions League final defeat to Paris Saint-Germain.
Any move to Barcelona would represent a fresh opportunity for the striker to reassert himself as one of the continent's most feared forwards, though for now the club's priority remains finding a way to convince Atlético to sell Álvarez, whose valuation is understood to sit in excess of £125 million.