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Arsenal are realistic about their chances of signing Alvarez before next week's transfer deadline.
Do they want him? Yes. Are they trying? Yes. Can they pull it off? The answer to that question is less unequivocal.
Manager Mikel Arteta and sporting director Andrea Berta know it is a long shot, not least because former Manchester City forward Alvarez, at least so far, has shown little indication he would be willing to join the club.
His current reluctance to give the green light on a move to London isn't necessarily linked to any apprehension towards Arsenal - but rather that doing so would see him forgoing his dream of joining Barcelona.
Alvarez has also been made aware of certain visa regulations that would create difficulty for his family visiting him in the UK.
Moving to Catalonia is what he truly wants.
What's more, the Camp Nou club are absolutely willing to make that happen.
But Atleti are absolutely adamant they will not sell Alvarez to Barcelona.
In May, they made a series of social media posts brutally mocking the pursuit by the Spanish champions of their player to millions of followers.
"Don't believe everything you see, especially if it's related to Barca," Atletico posted. "In recent months, we've been suffering a smear campaign against one of our players."
For the Madrid side, the matter is closed and that leaves Alvarez's dream in serious jeopardy.
Therein lies a sliver of hope for Arsenal because, as things stand, the only way out is a move to the Emirates Stadium.
Indeed, according to well-placed sources there has been a slight softening of Alvarez's stance in recent days, although not enough yet to get anyone at Arsenal excited.
But should he change his mind in the final days of the window, then the Gunners are poised.
Since the start of the summer, according to BBC Sport sources, Arsenal have been confident Alvarez's move to Barcelona was a non-starter.
But while he still harboured hope of fulfilling that ambition, Arteta's men focused on the captures of Bruno Guimaraes and Ezri Konsa, while also trying to bring Real Madrid attacker Vinicius Jr to London.
With the Brazilian extending his contract to stay in Spain, Arsenal have now decided to step things up regarding Alvarez.
Atleti director Mateu Alemany was in London last week, where he is understood to have met with Arsenal counterparts - and made clear his side would seek a fee of 150m euros (£128m).
The Gunners are confident they can finance any deal and quickly finalise the transfer - if he said yes.
Arteta is fully aware if Alvarez was to join Arsenal this summer he would only be doing so because his preferred destination was not possible.
It is understood the Spaniard is comfortable with that scenario and believes Alvarez would eventually become fully invested and committed to the Arsenal project.
The ball is now in Alvarez's court. If he wants to leave Atletico, which sources close to the attacker insist that he does, then the Premier League champions appear to be his only option.
