Arsenal have reached an agreement for the purchase of Julian Alvarez of Atletico Madrid.

That's according to a new report, which says that the Argentine is closer than ever before to a return to the Premier League, following a breakdown in his relationship with Rojiblancos fans.

Alvarez was booed and whistled at the Metropolitano after publicly stating that it was his “dream” to leave – with Arsenal ready to capitalise on Atletico's refusal to sell to Barcelona.

Sport Witness have relayed news from Spanish publication AS, which claims that Alvarez is “starting to see” that the Premier League champions are his only chance to leave Diego Simeone's team this summer.

Though Barcelona are interested in signing the World Cup winner, Atletico are unwilling to discuss a move for the star with a rival – and with a release clause set at over £400 million, negotiations can't begin without their consent.

Arsenal have been quoted a price of £128m, and now AS says that an “agreement between the clubs exists” for a €150m deal, plus Viktor Gyokeres heading to Spain in the opposite direction.

Gyokeres was manager Mikel Arteta's top scorer in all competitions last term as the club won the league and reached the final of the Champions League, but has come under criticism for his lack of all-round game and didn't make it off the bench for the first game of the season against his former club, Coventry City.

Now, all Arsenal need is an agreement with Alvarez – though that has always been the sticking point in any deal.

Earlier this summer, Arteta spoke to Alvarez personally to convince the former Manchester City forward to come to North London – but his preference remains to go to Barcelona.

Barça, meanwhile, have been linked with the likes of Gyokeres and Gabriel Jesus to bolster their frontline following the departures of Robert Lewandowski and Ferran Torres.

Arsenal are closing in on the sale of Gabriel Martinelli to Al Hilal, with Alvarez an option to play either on the left or at centre-forward.

Alvarez is worth €120m, according to Transfermarkt. Arsenal face Aston Villa when Premier League action continues next weekend.