Reports of Chelsea taking a significant lead in the race to sign one of the most versatile strikers in world football have gotten a section of fans buzzing.
The Julian Alvarez Chelsea transfer saga has officially ignited following reports from ESPN Argentina that the Blues are “quietly advancing” in negotiations to bring the World Cup winner back to the Premier League.
Chelsea endured a relatively quiet January transfer window, with the Blues making no first-team signings.
Instead, the club concentrated on releasing players from the “bomb squad”, offloading players like Raheem Sterling and Axel Disasi, while recalling players from loan spells and securing promising youth prospects — a strategy that has been consistent since the current ownership took charge.
The reports linking the World Cup winner with a move to London will be seen as an encouraging development, as Liam Rosenior looks to bolster his attacking options in his push for a top-four finish while also mounting strong runs in their remaining competitions.
Current Status Of The Julian Alvarez Chelsea Transfer
During the second leg of the Chelsea vs Arsenal Carabao Cup clash, it was reported that Julian Alvarez’s representatives were in attendance, where they held direct discussions with the Chelsea board. The Atletico Madrid striker’s agent, Fernando Hidalgo, was confirmed to be in London for the derby.
While ESPN Argentina has confirmed the Blues have made the most advanced contact in the Julian Alvarez Chelsea transfer race, the goal will be to see off other competitors and reach a pre-agreement that would allow him to join early in the 2026 summer transfer window.
Beating The Competition (Arsenal & Barcelona)
Chelsea are not the only club reportedly pursuing Julian Alvarez, with Arsenal and Barcelona also credited with interest in the Argentine.
A potential move to Barcelona cannot be entirely ruled out, given the strong transfer relationship between the Catalan giants and Atletico Madrid.
In recent years, several players have switched between the two clubs, including Clement Lenglet, Luis Suárez, Antoine Griezmann, and Memphis Depay.
With Barcelona and Atletico not being direct rivals, the transfer remains plausible. However, Barcelona’s ongoing financial struggles, coupled with their upcoming presidential elections on March 15, mean that a return to the Premier League currently appears the more likely outcome for Alvarez.
Meanwhile, Arsenal may have an advantage in the race due to their existing ties to the player. Arsenal’s sporting director, Andrea Berta — who spent 12 years as Atlético Madrid’s sporting director from 2013 to 2025 before joining the Gunners in March 2025 — was the one who orchestrated Alvarez’s move from Manchester City to Atletico Madrid.
However, in the context of a potential Julian Alvarez Chelsea transfer, the Blues are reported to hold the upper hand should he decide to leave Spain, as the Argentine is said to favour a return to England — specifically to a London-based club.
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The Financial Stakes: Breaking The Bank
Any club with the hopes of signing Alvarez from Atletico Madrid would need to part with a massive fee.
The Argentine became Atletico’s second-most expensive signing when he joined from Manchester City in August 2024 in a deal worth up to €95 million (£82 million), made up of a €75 million fixed fee plus €20 million in potential add-ons.
With four years and four months remaining on his contract, Atletico are reportedly unwilling to take a major financial hit and are expected to demand between €90 million (£78 million) and €120 million (£104 million) to approve a summer transfer.
Julian Alvarez Chelsea Transfer: Is He Better Than the Blues’ Current Crop Of Attacking Players?
Alvarez is reportedly open to a Premier League return, amid growing frustration with his role and Atletico Madrid’s style of play.
In their latest 1-0 defeat against Real Betis, the Argentine was substituted at half-time following a subpar performance, and with the club recently completing the signing of Nigerian international Ademola Lookman, they might as well be preparing to let Alvarez leave.
This has raised the question: would a Julian Alvarez Chelsea transfer inject the attacking spark the Blues need?
Chelsea, who in the 2025 summer transfer window brought in Joao Pedro and Liam Delap, have seen mixed returns from their new forwards.
Delap has struggled, scoring just once in 16 Premier League appearances, while Pedro, whose recent performances have been more reassuring — highlighted by his standout goals against Napoli in the UEFA Champions League — still struggles with consistency.
Maintaining that level week in, week out remains a challenge, leaving Chelsea in need of a reliable, dynamic option up front.
Alvarez’s pace, movement, and goal-scoring instinct, coupled with already having experience in the league, could provide a significant boost, offering manager Liam Rosenior a more dynamic and clinical option up front as Chelsea aim for a top-four finish and giving the Julian Alvarez Chelsea transfer more of an opportunity to happen.
Main Photo
Credit: IMAGO/PsnewZ
Recording Date: 08.02.2026
