Arsenal have been given the green light to begin talks for Julian Alvarez with Atletico Madrid.

The 2022 World Cup winner was booed and whistled by his own fans on Sunday night, making his first appearance in Rojiblancos colours since publicly stating that he wishes to leave the Spanish capital.

With Arsenal chasing Alvarez all summer, The Standard has relayed information from The Athletic, stating that Atletico have acquiesced and are now willing to discuss terms for their previously untouchable forward.

With the animosity between Alvarez and Atletico fans crystal clear after scenes at the Metropolitano over the weekend, there's been a reported change in stance from his employers: Atleti rejected a £128 million bid for their star in June from city rivals Real Madrid, but are now willing to discuss a sale for that figure.

This would make the former Manchester City player Arsenal's record signing, with the Premier League champions having spent just over £100m on Declan Rice in 2023 – while the Gunners are looking to shift Gabriel Martinelli for over £50m to the Saudi Pro League in the coming days to balance the books.

The Standard has reiterated that Alvarez's desire is not to move to North London but to Barcelona – but with Atletico unwilling to do business with their La Liga rivals, the Catalans have given up on signing the 26-year-old.

That leaves Alvarez at an impasse: either he remains playing under Diego Simeone for another season or leaves for a new challenge at the Emirates Stadium.

FourFourTwo understands that both Gabriel Jesus and Viktor Gyokeres have been talked about as pawns in a potential deal, with the former now into the final year of his Arsenal contract, and the latter left on the bench against former club Coventry City last Friday in the first Premier League game of the season.

Both players have been discussed as cut-price options to strengthen Barcelona's attack – though the Blaugrana are working on deals to offload La Masia alumni Alejandro Balde, Marc Casado and Hector Fort – while Gyokeres has been touted as a potential replacement for Alvarez himself.

Arsenal are also looking to loan out an academy graduate of their own in Ethan Nwaneri, as manager Mikel Arteta looks to finalise a squad capable of competing on all four fronts this term.

Alvarez signed for Atletico two years ago, after two years in English football in which he won the league twice and the Champions League – along with a World Cup in Qatar.

As reported by David Ornstein for The Athletic back in 2024, Los Colchoneros signed the centre-forward in a deal worth over £80m, giving him a six-year contract and including a release clause worth €500m (£427.1m).

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