Alvarez has the profile Arsenal tend to value.
That matters because another recent report suggested Arsenal have started the season with a rejuvenated attack and already look like one of the teams to catch. If that impression holds, the club may see this window as a chance to add one more difference-maker rather than simply cover.
The hard part is obvious: Atletico Madrid are not in the habit of giving up elite forwards easily. For now, this sits firmly in the category of strong interest rather than anything close to done.
Elsewhere, the update says Jean-Philippe Mateta is arguing that the final months of his Crystal Palace contract are invalid and is taking the challenge to .
That creates uncertainty on two fronts:
Even without a quick resolution, it becomes a live issue for recruitment staff and potential buyers.
The same update says Rangers are set to let six players go before the window closes, with Nico Raskin, Connor Barron and John Souttar named among those reportedly at risk.
If that happens, it would signal a significant squad reset rather than routine trimming. Moving multiple established names late in the window would also increase pressure to replace experience and depth quickly.
The next few days now feel important. Watch Arsenal for any fresh movement on Alvarez, Palace for clarity around Mateta, and Rangers for signs that reported outgoings are turning into concrete business.