Álvarez swap deal: Gyökeres plus €100m
This is the big one. Arsenal are preparing a player-plus-cash offer for Julián Álvarez that would send Viktor Gyökeres to Atlético Madrid along with up to €100m (1) (6) (10). Diego Simeone wants Gyökeres. Barça are also watching the situation, but your club are leading the race to land the World Cup winner. Atlético would need to be convinced, and the numbers are enormous, but the framework is being explored ahead of an August 10 deadline (1).
Christos Tzolis signs for Arsenal
Done deal. Christos Tzolis has signed for Arsenal in what becomes the most expensive transfer in Greek football history (2). The winger follows in the footsteps of Sokratis Papastathopoulos, Konstantinos Mavropanos, and Giannis Tavlaridis as Greek players to pull on the shirt. His 2025/26 numbers in the Jupiler Pro League have fans already sharing compilation reels online.
£70m Bruno Guimaraes bid being readied
Arsenal are putting together a £70m offer for Bruno Guimaraes (3). Chelsea have been linked but are not currently interested (3). The midfield rebuild is accelerating, though there is a complication: Manchester United are closing in on Manu Kone, another midfield target, after your club reportedly prioritised the Guimaraes pursuit (13).
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Camavinga available for £51m
Real Madrid are open to selling Eduardo Camavinga and the price is £51m (8). Arsenal are interested. The 23-year-old would add depth and quality to a midfield already stacked with options, but at that price the value is obvious. Mourinho is also said to be monitoring the situation (8).
Reiss Nelson wants out
The Hale End graduate is ready to leave. Reiss Nelson prefers a move abroad, with Benfica and Valencia both interested (4). After struggling for minutes during the title-winning campaign, a summer exit looks increasingly likely.
Watkins, Diomande, Ramón: the other names
Arsenal are monitoring Ollie Watkins, though Manchester United are expected to make the first move (11). Yan Diomande is another forward on the radar, but City and Real Madrid are also circling (12). And Real Madrid youngster Jacobo Ramón has caught the club's attention as a defensive option (14). William Gallas, meanwhile, has urged Chelsea to go after Maxence Lacroix, a centre-back your club have been tracking (9).
Emirates deal locked in through 2032
The shirt sponsorship with Emirates is secured. The new contract runs through 2032 and the financial details have now emerged (7). For a club that Sam Dean describes as operating with less flexibility than Chelsea or City due to less consistent player sales, a long-term commercial deal like this matters.
Fan reactions
The Álvarez-Gyökeres swap has the fanbase split between excitement at landing a world-class striker and anxiety about the finances involved. A Sam Dean piece pointing out the club's limited spending power after last summer is making the rounds, with supporters debating whether a €100m outlay is realistic (see r/Gunners discussion). The Tzolis signing has been met with enthusiasm too, with one fan sharing a full highlight reel from his Club Brugge season that is getting plenty of views (see the compilation thread).
