Alvarez remains as a possible target, but due to Atletico Madrid's lack of interest in selling the Argentinian, Arteta is exploring other options across Europe.

As per the latest from Italian outlet Calciomercato.com, Monza forward Gustavo Varela is on his radar, after a superb start to life in Italy following a summer switch from Benfica.

Varela has seven goals in eight league games, and he currently leads the Serie A scoring charts with Napoli showing an interest in him.

Benfica are also tracking him, and as part of their sale package, the Lisbon giants retain the right to match any future transfer offers plus 20% of the future capital gain if he's sold elsewhere.

The 21-year-old is under contract until 2030, but his transfer value has escalated after joining for €2.5M in July, to a current value of at leas €10M.