Álvarez must make a decision before the transfer deadline: stay at Atlético Madrid and attempt to repair his relationship with the fans, or accept a potential move to Arsenal.

According to Spanish sources, Atlético has told him once again that they will not sell him to Barcelona. Combined with the fans' reaction on Sunday, Álvarez feels "extremely disappointed."

Atlético reporter Rubén Uría told Sky Sports that the situation is currently "extremely tense."

"Both Miguel Gil Marín (Atlético's CEO) and Atlético's board do not want to sell this player to Barcelona," he said to Sky Sports News. "The entire board supports Gil Marín's decision. Álvarez has been informed."

Uría revealed that Arsenal's sporting director Andrea Berta has been in contact with his former colleagues at Atlético over the past few days. This comes after Álvarez was booed by home fans during Atlético's opening La Liga match against Villarreal.

However, before any serious negotiations or offers materialize, Arsenal need Álvarez to set Barcelona aside and prove he genuinely wants to join Arteta's project. On this front, Arsenal are currently not optimistic about him joining before September 1st, and certainly don't believe a deal will materialize quickly at the Emirates.

Álvarez still has Barcelona in his heart. The question remains: as the transfer window closes, will he hold onto that dream? Could the final day of the window change things? If he changes his mind, Arsenal will keep the door open, but for now, any move seems unlikely.

If Álvarez has a last-minute change of heart and pushes for a transfer, Atlético is reportedly willing to listen to Arsenal offers around £130 million (€150 million). Uría also noted that some close to the Argentine player feel it would be almost impossible for him to stay at Atlético given the current atmosphere.

If Arsenal ultimately sign Álvarez, it would be the 10th deal worth over £100 million in Premier League history.

It would also be the fourth such transfer this summer, following Morgan Rogers to Chelsea, Elliott Anderson to Manchester City, and Tonali to Tottenham.

Uría also told Sky Sports News: "Julián and his representatives believe everything happening now is Gil Marín's responsibility. Atlético's CEO has publicly demanded they declare their desire to leave Atlético."

"On the other hand, Atlético believes that Julián knew how Simeone's Atlético plays when he signed, knew what type of contract he was signing, knew what the terms were, and denies that Atlético ever told him he could leave for a direct competitor."

"We're waiting to see how Julián's situation unfolds, and how Arsenal will respond, to see if they're genuinely interested in this Argentine player. Atlético will not sell him to Barcelona."

"The news we've received today is that the situation with Julián Álvarez has become extremely tense. According to reliable sources, in this crucial week, he has only two options: stay at Atlético and honor his contract, or listen to Arsenal's offer and sign with the London club. Julián must make the decision himself."

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