ARSENAL will have to smash the British transfer record if they want to sign Julian Alvarez.

Real Madrid last night saw by rivals Atletico Madrid for the Argentine superstar.

Julian Alvarez celebrates scoring a goal during the LaLiga EA Sports match.Julian Alvarez hot property this summer Credit: Alamy Stock Photo Rodrigo Riquelme of Atletico Madrid smiles while wearing his red and white striped jersey during a match.Real Madrid have seen a £130million bid for Alvarez rejected Credit: AFP via Getty Images

Alvarez, 26, is as Mikel Arteta looks to add firepower to the Prem champions’ squad.

But the Gunners will need to eclipse the record £130m fee that Liverpool paid for last summer if they want to prise Alvarez out of the Spanish capital.

Morgan Rogers, Eli Junior Kroupi and Bradley Barcola are also on Arteta’s shortlist of attacking targets .

Newly re-elected Real Madrid President Florentino Perez teased on Sunday that his club would make a £130m bid for a new ‘Galactico’.

Real confirmed: “We have made an offer of 150 million euros (£130m) to Atletico Madrid for .

“After reviewing and evaluating the offer, Atletico Madrid has expressed its gratitude for the proposal, made within the framework of the good relations between both clubs, and has rejected it, referring to the player’s release clause.”

That clause stands at a staggering £431MILLION.

— just like when they rebuffed Barcelona’s approach last month.

Florentino Perez, president of Real Madrid, speaks at a press conference.Newly elected president Florentino Perez teased a bid for a superstar last week Credit: AFP via Getty Images

The club posted on X: “You must have confused politeness with gratitude, but just so there’s no doubt: we’re not thanking you for anything.

“We’re neither considering nor evaluating any offers for Julian.

“How could we not get along, when you make us laugh even more than Barcelona.

“Let’s see if you stop ‘stealing’ players from our Academy. Thank you very much .”

Mikel Arteta, manager of Arsenal, watching the UEFA Champions League Final 2026.Mikel Arteta wants to add more firepower to Arsenal’s attack in the summer Credit: Arsenal FC via Getty Images

Alvarez, who is contracted at the Metropolitano until 2030, scored 20 goals in all competitions for Atletico this season.

The former Manchester City ace is currently in the US preparing for the with the Argentina squad.

Should Atletico hold firm on their demands that a potential buyer forks out the full release clause, Alvarez’s exit seems highly unlikely this summer.