Arsenal are reportedly considering a bold player-plus-cash offer involving Viktor Gyokeres in an ambitious bid to sign Julian Alvarez from Atletico Madrid.

The Gunners signed Gyokeres from Sporting Lisbon for £64 million last summer after the Swedish striker enjoyed a prolific campaign, scoring more than 50 goals during the 2024/25 season.

However, despite netting 21 goals in all competitions in his debut season at the Emirates, Gyokeres failed to establish himself as Mikel Arteta’s undisputed first-choice striker, prompting fresh speculation over Arsenal’s attacking plans.

According to reports, Arsenal remain keen admirers of Alvarez and are prepared to test Atletico Madrid’s resolve by including Gyokeres in a player-plus-cash proposal.

Atletico have consistently insisted that the Argentina international is not for sale, repeatedly pointing to the £427 million release clause in his contract as evidence of their determination to keep the World Cup winner.

Despite the Spanish club’s firm stance, Arsenal are reportedly hopeful that the inclusion of Gyokeres could persuade Atletico to consider negotiations.

Alvarez has been one of Atletico’s standout performers since arriving in Spain and is viewed by Arsenal as a forward capable of adding goals, creativity and versatility to Arteta’s attack.

Whether Atletico are willing to entertain such an offer remains to be seen, but Arsenal’s reported interest suggests the club are prepared to explore every avenue in their pursuit of one of Europe’s most highly-rated strikers.