Mikel Arteta is planning another shrew raid on his former club, this time pursuing a move for a wantaway Manchester City first-team star.
Arsenal's spending is set to approach the £100 million ($128m) mark once they finalize the deal for Mikel Merino from Real Sociedad.
Having already invested £70 million ($90m) in the signings of David Raya and Riccardo Calafiori, Arsenal are prepared to enter the new season relying on the same strike force from last year but remain eager to add an established striker before the summer transfer window slams shut.
Victor Osimhen and Viktor Gyokeres are the two strikers mostly linked with a move to north London so far. However, the Mirror states that the Gunners are now ready test the waters with a move for Argentina international Julian Alvarez.
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The 2022 World Cup winner has hinted at potentially leaving Manchester City after expressing frustration over his limited playing time in the club's most crucial matches last season.
The 24-year-old revealed that he would consider his future following the Paris Olympics, with a decision expected soon after Argentina's quarter-final exit to France in the competition.
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City manager Pep Guardiola publicly responded to Alvarez's comments during the club's pre-season tour of USA, urging him to make a swift decision regarding his future.
Guardiola said: "I read he has to think about it, so okay think about it and after that he will inform us what he wants to do.
"Julian played a lot. He wants more? It’s fine. So that's why [he wants to] think about it. And when he thinks about it, he will inform us."
Pep Guardiola's stance that he will never stand in the way of an unhappy player could pave the way for Mikel Arteta to target his former club for a third time, following the successful signings of Gabriel Jesus and Oleksandr Zinchenko. However, any potential deal would need to be at the right price.
The report also adds that Manchester City is demanding around £80 million ($102m) for the former River Plate forward. It remains to be seen whether Arteta is willing to invest that much on the striker as he looks to strengthen his squad, while Arsenal's improvement to become City's main title challenges since signing Jesus and Zinchenko is potentially another complicating factor.