Story byPhoto by Eddie Keogh - The FA/The FA via Getty ImagesAaditya KrishnamurthySun, February 1, 2026 at 8:30 AM UTC·1 min readArsenal are again at the centre of transfer speculation as potential attacking reinforcements and senior squad uncertainty shape their summer outlook. Arsenal, Mikel Arteta, Julian Alvarez, and Martin Odegaard are all central to developing reports involving Atletico Madrid and Real Madrid ahead of the next transfer window. AdvertisementAdvertisementAdvertisementMultiple European clubs have been linked as the Gunners assess both recruitment and retention scenarios. Those situations now form a growing list of talking points around Arsenal’s long-term planning. Photo by OLI SCARFF/Arsenal willing to offer two stars for Julian AlvarezArsenal have been linked with a renewed approach for Atletico Madrid forward Julian Alvarez as they explore options to strengthen their attack. TEAMtalk report that the Gunners are prepared to include first-team players as part of a potential deal. Gabriel Jesus and Gabriel Martinelli have been mentioned as possible makeweights, with intermediaries discussing what it would take to make a move viable. AdvertisementAdvertisementAdvertisementAlvarez is said to be frustrated in Madrid, and Arsenal are among several clubs monitoring his situation. Martin Odegaard could return to Real MadridMartin Odegaard has been linked with a potential return to Real Madrid amid reports of tension behind the scenes at Arsenal. According to Fichajes, issues relating to his role and internal dynamics could influence his future. Odegaard remains Arsenal’s captain, but Real Madrid are said to be monitoring developments closely, while Bayern Munich have also been linked. Any move would be expected to take place in the summer rather than during the current window. AdvertisementAdvertisementAdvertisementRead more:Arsenal vs. Chelsea EFL Cup Semi-Final preview, kick-off time, how to watch, and team newsArsenal transfer rumour roundup: latest on Arda Guler and Yan DiomandeArsenal daily transfer rumour roundup: Latest on Oleksandr Zinchenko and Max Dowman.
