Arsenal are preparing to launch a bid for Atlético de Madrid forward Julián Álvarez in the closing days of the transfer window, should the conditions prove favourable, sources have told ESPN FC.

The Gunners have been monitoring the situation closely and are positioned to act swiftly if they receive the green light. With only days remaining before the window shuts, the north London club are unwilling to let the opportunity pass without testing the waters.

Álvarez, the Argentina international, only joined Atlético de Madrid last summer in a high-profile move from Manchester City. His potential departure so soon after arriving would mark a significant development in a transfer window already full of late drama.