When multiple elite clubs are linked with the same forward, that usually forces the selling club to prepare before a deal is even close. That appears to be Atlético’s position here.
That matters because replacing a forward this late in a window is usually expensive and reactive. Moving early gives Atlético at least some leverage, even if Álvarez ultimately stays.
The attraction is easy to understand. Álvarez can play as a central striker, drop into deeper spaces and work in aggressive pressing structures. For Arsenal, he would appear to offer flexibility across the front line. For Barcelona, he would look like a forward capable of fitting a more fluid attacking shape.
Just as important is his profile. He already knows the demands of the Premier League from his time at Manchester City, but he has also shown he can operate in a different tactical environment in Spain. That broadens the list of realistic suitors.
If Álvarez is about movement and combination play, Osimhen is more obviously a penalty-box reference point. He appears to be a different type of striker, but that does not make him a poor fit. It may actually reflect Atlético preparing for a tactical adjustment rather than a like-for-like swap.
The next step is whether interest turns into formal offers. Until then, Atlético, Arsenal, Barcelona and possibly Manchester United all remain tied to the same developing striker storyline - one that could shape the rest of the window.