Scholes noted that top-tier attacking players who can consistently decide matches are rare in the current market.
"Just go and get him," said Scholes.
He emphasized that Alvarez possesses versatile qualities rather than functioning solely as a traditional target man.
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"There's not even a debate. I don't think there's loads of top-class centre-forwards knocking about.
I don't see him as an out-and-out centre-forward, he's more of a drifter," stated Scholes.
Highlighting recent transfer market inflation, Scholes argued that the fee remains justified for a player with Alvarez's proven track record.
"Atletico Madrid won't want to sell him to Real Madrid or Barcelona.
If he's £100m – [England midfielder] Elliot Anderson has just gone for £116m – and Alvarez is a match-winner. What a signing that would be," declared Scholes.
Former England international Nicky Butt agreed with the assessment regarding how Alvarez could fit alongside another focal point in attack.
"He would be a perfect partner for an out-and-out centre-forward like [Viktor] Gyokeres," said Butt on the same podcast.
Gyokeres' Position
Despite being linked as a potential trade asset, Gyokeres previously expressed satisfaction with his current position at the Emirates Stadium.
"Of course it's flattering to see that clubs are interested but I feel extremely comfortable at Arsenal," said Gyokeres.
The Swedish international added that he remained positive about his development following his first campaign with the North London club.
"After the season we have had, I only have positive feelings," said Gyokeres.
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Parallel to their pursuit of Alvarez, Arsenal is finalizing a deal with Club Brugge for Greek winger Christos Tzolis following Leandro Trossard's £17 million departure to Besiktas, as reported by Standard Sport.
