There is buying from a position of strength - and then there's Arsenal. This season's Arsenal. The defending champions. The Gunners have worked this transfer window unlike anyother in their history. They've acted like a proper, serious football club. Not only as a domestic, but as a European power. And their pursuit of a new centre-forward over recent months is proof enough of how much the club has evolved - both on and off the pitch - in these past two years.
Which is why this move for Alvarez isn't the be-all and end-all for the champions. Yes, the Atletico Madrid striker would be a welcome addition. But with Viktor Gyokeres primed to build on his outstanding second-half of last season, there's no reason for any type of desperation in getting a deal done for the Argie.
A hard-runner. Skill. Tenacity. Alvarez is an outstanding talent. A player to reflect the ideals of his coach, Diego Simeone. And certainly one with the quality to attract offers from the Gunners, Barcelona and Real Madrid.
With a €500m buyout clause, there was no chance of any team in Europe of matching such a figure. But it is significant that none of Alvarez's three suitors came close to the €150m price-tag Atletico had slapped on him earlier in the market. For Erling Haaland, Kylian Mbappe, maybe even an ageing Harry Kane, you'd pay that. But Alvarez isn't in that category and while the names of his three bidders does confirm his talent, that they weren't prepared to indulge Atletico does suggest where he stands in terms of status in the game.
The latest we have now is that Atletico have climbed down from that initial asking price and reached terms with Arsenal for around €100-120m. The sticking point is Alvarez's reluctance to return to England knowing Barca are still - publicly - pursuing his signature. The Catalans remain his priority, despite Atletico's insistence that they won't sell to their LaLiga rivals for the way they've chased their player through the press since before the end of last season.
But beyond all that politicking, for Arsenal, what this move does show is the shift in the club's ranking. They're now competing with the very elite for perhaps the most talented available striker on the market. Two years ago that was unheard of. But not now. Not with how this board is working.
Which is why when Galatasaray came knocking for Gabi Martinelli last month, the approach elicited a response from Arsenal asking about a price for Victor Osimhen. Again, this is the level where Arsenal are now competing. As we say, they're acting like a genuine, European power.
And it's all from a position of strength. For this column, the press has it wrong. Alvarez wouldn't arrive to replace Gyokeres. An exchange deal wouldn't be in Mikel Arteta's thoughts. The former Manchester City centre-forward would arrive as one more. To lift the competition - and therefore standards - in the No9 position. Whether he does arrive or doesn't, Arsenal will be well placed either way. The presence of Gyokeres is proof enough of that.
Two games in and Christos Tzolis, at 30m quid, already looks a bargain. A potential world-beater. Pace, skill and a willingness to put team above self. The signing from Club Brugge looks every bit a player after Arteta's own heart. And for this column, a player to spark memories of Georgios Donis in his pomp at Panathinaikos.
Of course, Gunners' fans are also anticipating the Premier League debut of Bruno Guimaraes. Again, like Tzolis, a player to improve on a team which finished champions last season. The former Newcastle United captain offers leadership, creativity and no little courage to a midfield already brimming with talent. And even at the back, with Ezri Konsa potentially making his debut on Monday night against former club Aston Villa, he is another to build on what Arsenal already has.
A real success story from England's World Cup campaign, Konsa's versatility appealed to Arteta, along with his character and - again that word - courage. Another one who will happily mix it physically with the opposition. Arteta built a team of monsters for last season's title triumph - and his choice of Guimaraes and Konsa shows where his tactical belief promises to go.
Beyond Alvarez, the board, with Andrea Berta working at the pointy end of things, has the club acting as a real mover and shaker. Arsenal's swoop for the Manchester United pair, James Scanlon and Habeeb Ogunneye, another sign of how 'on it' this club now is.
Neither player is expected to make a serious dent in Arteta's first team. That's not their purpose. Similar to Alvarez and the senior squad, the former United pair will arrive with the brief to lift the standards of Arsenal's U21s - both on matchday and during the week at London Colney. Both virtually free transfers, Scanlon and Ogunneye will eventually be sold on for profit.
Chris Robinson, the head of Southampton's academy recruitment, laid out the plan when recalling to Football Presse how Chelsea would operate during his time inside their youth system.
"There are those that you think, yeah, we've got space for that sort of player. They're going to get games in our Under-21s and maybe they'll kick on to the first team, but we think we'll get value out of them anyway."
Robinson added: "We think we'll have some good loan moves or that we will be able to sell them. So it's a business deal."
These days, Arsenal are just doing things better. They're thinking bigger. From their academy system right through to the first team and the No9 position. Management are working like Arsenal are a real power, a real contender. It must be a great time to be a Gooner.