
The Gunners remain keen on signing the Argentina striker, who wants out of Atletico Madrid. The former Manchester City star is also wanted by Barca, which is his preferred destination, but Atletico are reluctant to sell to a direct rival.
Having expressed his wish to leave the Spanish capital, Alvarez was booed by his own fans during Atletico's 2-2 draw with Villarreal and looks destined to move at some stage. But where to and when is less clear-cut.
It's a similar scenario to Suarez's situation when the Gunners infamously offered Liverpool £40m plus £1 for the Uruguayan in the summer of 2013. Suarez had been openly pushing to move to Arsenal, only for the Reds to tell him and the Gunners he wasn't available.
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After speaking to Liverpool captain Steven Gerrard, Suarez dropped his transfer request and knuckled down before enjoying a superlative season at Anfield. He was then granted permission to seal a dream move to Barcelona, where he enjoyed more success.
Earlier this year, Suarez reflected on the saga, the role Gerrard played and why Alvarez would be better off biding his time in the hope of eventually being allowed to join Barca. Speaking on Spanish radio station Cadena SER, Suarez said: "I faced the same situation myself when I was at Liverpool.
"I said I wanted to go to Arsenal. I wanted to play in the Champions League. The captain, Gerrard, came to me and convinced me, 'If you have a great season, we'll help you and you'll be able to go to Barcelona, Real Madrid, wherever you want.'
"He convinced me, and I went out to apologise because my comments hadn't been appropriate at the time. I gave my all for Liverpool, the fans forgave me, and it turned out to be my best season at Liverpool."
On his advice to Alvarez, Suarez added: "Diego Simeone and the fans might convince him that this could be Atletico's year. Or perhaps Julian will stand his ground and say, 'That's it.'
"That depends on each person. Barcelona and any team in the world will want him and will be willing to pay whatever it takes because he's a great target man. He moves well between the centre-backs."
It now looks hard to see a way back for Alvarez at Atletico, who reportedly want the saga to be resolved within two days. In a further twist, it has emerged that the 26-year-old did not return to training on Wednesday due to illness.