Argentina star Julián Álvarez has told Mikel Arteta that he does not want to join Arsenal.

Ordinarily, that might be enough to end a transfer pursuit. However, with the deadline approaching, the Gunners are not quite ready to walk away.

The Premier League champions remain interested in the former Manchester City forward and are prepared to reach an agreement with Atlético Madrid if Álvarez changes his mind, according to The Athletic's David Ornstein.

Speaking to TNT Sports on Saturday, Ornstein said Álvarez had held talks with Arteta but had so far given Arsenal no indication that he wanted the move.

"He's spoken to Mikel Arteta and said he doesn't want to come," Ornstein said.

But he also cautioned that transfer situations can shift quickly in the final days of a window and raised the possibility that Álvarez could yet soften his stance.

That possibility appears to be why Arsenal have kept the door open.

Sky Sports reports that the club will continue pursuing Álvarez until the end of the window, but are unlikely to simply move on to another forward if they cannot convince him. Arsenal believe only a player of the required quality would justify another major addition to their attack.

So far, however, Álvarez's preference has been clear.

Why Has Álvarez Resisted Arsenal?

The 26-year-old has had his heart set on Barcelona, according to Ornstein and other reports.

Barcelona President Joan Laporta confirmed this week that the Spanish champions remained interested in the Argentina international and that their offer remained on the table.

Álvarez's problem is that Atlético have shut down that route.

And the dispute has become about considerably more than the size of Barcelona’s offer.

Why Won’t Atlético Sell Him to Barcelona?

Atlético’s board has unanimously ruled out negotiations with Barcelona, accusing the Catalan club of failing to conduct its pursuit of Álvarez in a professional, ethical and respectful manner.

Chief Executive Miguel Ángel Gil Marín then escalated the row, saying Álvarez would “never, ever” be sold to Barcelona and accusing the club of dishonesty in the way it had pursued the Argentina international.

Barcelona Vice-President Rafa Yuste responded angrily, describing Gil Marín’s comments as disrespectful. Atlético, meanwhile, have portrayed the dispute as a matter of institutional dignity rather than simply money.

The club’s determination to keep Álvarez has already been tested by an enormous offer.

In June, Real Madrid made a €150 million bid for the forward, only for Atlético to reject it and point to his €500 million release clause. Atlético then publicly mocked Real’s suggestion that the approach had been made against a backdrop of “good relations”, insisting they had neither considered nor evaluated the offer.

Álvarez is contracted until 2030, and Atlético have publicly insisted that they want to build the team around him.

But Barcelona present an additional problem. Atlético are objecting not only to losing Álvarez, but specifically to the club trying to sign him and the way they say Barça conducted the pursuit.

Gil Marín has, significantly, left open the possibility of Álvarez moving elsewhere while explicitly ruling out Barcelona.

That is where Arsenal come in.

Why Are Arsenal Still Interested?

Arsenal appear to have something Barcelona currently do not: a possible negotiating route with Atlético.

Their biggest obstacle is instead convincing Álvarez himself.

Ornstein described him as Arsenal's principal target in that area of the pitch and suggested the club may simply stick with the squad they already have if a deal cannot be done.

That suggests Arsenal are not desperately looking for any available striker before the deadline.

They are looking specifically for someone capable of significantly improving an already strong attack — and Álvarez fits that profile.

He has scored 49 goals and provided 17 assists in 107 appearances since joining Atlético in 2024. He was also part of Argentina's 2022 World Cup-winning side.

His versatility is another attraction. Álvarez can lead the line, play off another striker or operate from deeper attacking positions, giving Arteta several ways to use him.

Arteta himself has declined to discuss Álvarez publicly, saying he does not comment on players contracted to other clubs.

Why Might His Answer Change?

Deadline day can alter the choices available to players.

For much of the summer, Álvarez could hope that Atlético might eventually relent and negotiate with Barcelona.

That now looks increasingly unlikely.

The language coming from Atlético now makes that increasingly difficult to envisage.

The relationship between Álvarez and sections of the Atlético support has also deteriorated during the saga. He was booed during the club’s draw with Villarreal after publicly signalling his desire to leave, with The Guardian describing an increasingly isolated player caught in a stand-off that appeared to have produced no obvious winners.

Atlético, meanwhile, continue to insist that they want him to stay.

If Barcelona remains unavailable and the alternative is remaining in Madrid after such a public summer, Arsenal may be hoping the equation begins to look different as the deadline closes in.

That is essentially their gamble.

So How Likely is the Move?

At the moment, not very.

Ornstein described the chances of Álvarez joining Arsenal as low based on the player's present position.

But he was equally careful not to declare the deal impossible.

"Could he soften in the days ahead?" he asked, describing transfer situations as fluid and saying he did not want to rule out a late change.

Arsenal therefore appear willing to wait rather than force the issue or immediately turn elsewhere.

Álvarez has said no.

Barcelona remains his first choice.

Atlético will not give him that move.