Arsenal’s transfer plans have taken centre stage as the Premier League champions face potentially significant changes to their attacking options before the summer transfer window closes. The Gunners are simultaneously negotiating the possible sale of Brazilian winger Gabriel Martinelli to Saudi Pro League side Al Hilal while continuing to explore a move for Atletico Madrid striker Julian Alvarez.

Arsenal are reportedly close to breaking their club record for a player sale, with Al Hilal making a strong push for Martinelli. The Saudi Arabian club has made official club-to-club contact with Arsenal and is understood to be discussing a fee of around £60 million for the Brazil international. Football transfer expert Fabrizio Romano reported that Martinelli has opened the door to a move to the Saudi Pro League, with Al Hilal currently ahead of Pedro Neto and Francisco Conceição among their attacking options.

Martinelli had previously rejected an approach from Galatasaray, who were prepared to pay around £45 million for his services. The 25-year-old has now given the green light to Al Hilal as he prepares for a possible departure from the Emirates Stadium. If the proposed £60 million deal is completed, it would become the largest transfer fee Arsenal have ever received for a player.

The current Arsenal record sale belongs to Alex Oxlade-Chamberlain, who joined Liverpool for £35 million in 2017, while Nicolas Anelka’s move to Real Madrid in 2000 was worth €35 million. A £60 million Martinelli sale would therefore represent a substantial increase on Arsenal’s previous record and provide Mikel Arteta’s side with significant funds to reinvest before the transfer deadline.

At the same time, Arsenal have received encouraging news regarding Alvarez. According to Spanish newspaper AS, Atletico Madrid are now prepared to allow the Argentine striker to leave, but reportedly only for Arsenal and not for another La Liga club. Atletico had previously been strongly opposed to selling the forward after Barcelona made enquiries and Real Madrid reportedly submitted an offer of almost £130 million.

Arsenal have maintained a long-standing interest in Alvarez, who has already appeared in two World Cup finals. The Gunners signed Viktor Gyokeres for £64 million last summer, and the Swedish striker scored 21 goals during his debut season at the Emirates as Arsenal won the Premier League and reached the Champions League final. Despite being satisfied with Gyokeres’ contribution, Arsenal reportedly believe that a player of Alvarez’s quality could complement him and give Arteta even greater attacking options.

Alvarez has enjoyed an impressive spell at Atletico since leaving Manchester City. He has scored 49 goals in his first two seasons with the Spanish club after previously helping City win consecutive Premier League titles. His versatility, finishing ability and experience at the highest level have made him an attractive target for Arsenal as they look to strengthen a squad that has just enjoyed a major domestic campaign.

The biggest obstacle to the transfer has been Alvarez’s preference for Barcelona. The Argentine has reportedly been strongly inclined towards joining the Catalan club, making Arsenal’s pursuit difficult. However, AS now reports that his position has softened. While Barcelona remains Alvarez’s preferred destination, he is no longer completely ruling out a move to north London and has reportedly shown interest in Arteta’s sporting project.

The situation at Atletico has also become increasingly uncomfortable for the player. Alvarez came on as a second-half substitute during Atletico Madrid’s 2-2 draw with Villarreal on Sunday and was subjected to significant jeering from sections of the home support. Fans reportedly chanted for him to leave the club, with one chant saying, “Tell him to leave, let him leave forever.” Alvarez responded by going directly down the tunnel after the match.

The developments surrounding Martinelli and Alvarez could therefore prove closely connected. Arsenal’s potential sale of Martinelli would provide the club with a major financial boost and could help facilitate further investment in their attack. The possible arrival of Alvarez would also give Arteta another elite forward to play alongside or in rotation with Gyokeres.

The Martinelli situation has already developed rapidly. Earlier in the summer, Galatasaray were willing to pay approximately £45 million, but the Brazilian rejected that possibility. Al Hilal’s reported €55 million bid, equivalent to roughly £47 million, was subsequently described as below Arsenal’s reported £60 million asking price. Arsenal have yet to accept the offer, but negotiations are continuing and the Saudi club is hoping to convince the Gunners to sell before the transfer window closes.

The club’s position on Martinelli appears to have changed significantly, with Arsenal now seemingly open to his departure after several seasons in north London. His exit would mark the end of a notable chapter for the winger, while the money generated from the transfer could help Arsenal reshape their squad following their Premier League title success.

For Alvarez, meanwhile, the next few days could determine whether his future lies in Spain, England or potentially Barcelona. Atletico’s willingness to sell represents a major change in their previous position, while the striker’s apparent openness to Arsenal gives Arteta’s side renewed hope.

With the transfer window approaching its conclusion, Arsenal could therefore be involved in two of the most significant attacking deals of the summer: a club-record sale of Martinelli and a potentially huge move for Alvarez. If both deals materialise, the Gunners would lose one Brazilian winger but potentially replace part of his attacking contribution with one of Europe’s most accomplished forwards, while also strengthening their financial position after another successful season.