Arsenal use shock star in stunning swap deal for Julian Alvarez as Barcelona and Real Madrid snubbed

Arsenal have reportedly agreed a stunning swap deal to bring Julian Alvarez back to the Premier League, reports claim.

Alvarez, who played two seasons and won two Premier League titles with Manchester City, has been a revelation after his club-record £81.8 million transfer to Atletico Madrid.

He has scored 49 goals in 106 games for Atleti but it is expected to leave this summer and has a queue of clubs interested in signing him.

European champions Paris Saint-Germain have registered interest, while Barcelona and Real Madrid are also in the race to sign the Argentine.

Alvarez was revealed to be Florentino Perez' mystery Galactico signing, with Real seeing a club-record £129.4 million bid rejected in brutal fashion by their city rivals.

That followed a reported £86.3 million offer from Barcelona, who want a new frontman to replace Robert Lewandowski.

However, fresh reports claim that Arsenal are in the driving seat for Alvarez and have even achieved a breakthrough in the transfer pursuit.

READ MORE: Arsenal hold hidden advantage in Julian Alvarez deal as battle with Barcelona ramps up

On the El Chiringuito programme, journalist Jota Jordi claimed that Atletico chief Gil Marin informed Barcelona president Joan Laporta that Alvarez is not for sale.

At the time, Jordi, who has close to one million followers on X, said that it is a "done deal" for Alvarez to sign for Arsenal.

The mooted deal isn't a straight transfer, however, with Jordi claiming that the agreement is for €50 million plus Victor Gyokeres.

Gyokeres joined the Gunners last summer for a fee of £55 million and despite some early struggles, ended up scored 21 goals in 55 appearances in all competitions as Arsenal ended a 22 year wait for a Premier League title.

The Swede's value is now deemed to have increased, with the total value of the Alvarez deal said to be worth £130 million.

Barcelona still hopeful of landing Julian Alvarez despite Arsenal 'agreement'

However, it appears as though Barcelona have not yet given up hopes of signing their dream target.

According to David Bernabeu, speaking on SPORT's La Posesion programme, Barcelona are prepared to "launch one last major push" for Alvarez upon the conclusion of the World Cup.

He states that there will be no player swap on the cards, with only a fixed fee of €135 million - though the deal could rise to €150 million if performance-related bonuses are met.

Alvarez has a deal with Atleti until 2030 and a release clause of €500 million but despite resistance from Los Rojiblancos, Bernabeu states that there are members of the board who are "willing to consider a transfer if the offer approaches the required parameters".

At City, Alvarez proved to be a steal at £14 million after signing from River Plate but eventually struggled to displace Erling Haaland as the main man in attack.

He is currently in the United States for the World Cup with Argentina, making a substitute appearance in their opening 3-0 win over Algeria.