Palermo believe Arsenal Football Club have already signed Ricardo Alvarez.

The 23-year-old is currently under contract in his homeland with Velez Sarsfield, but the Italian club have been hoping to land him for some time.

However, president Maurizio Zamparini has given up chasing Alvarez, after expressing his opinion that the midfielder has already agreed to join the Gunners.

"Unfortunately, we didn't complete the move in time, so we lost him to Arsenal,” he told Radio Kiss-Kiss. "At this moment he has already signed for the Gunners."

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