I agree that the Israli Kfir deal faces some real uphill challenges, and may fall through based on the US not providing the engines.The option for Argentina are limited, which is good news for Britain, such as it is, is that Argentina still has to hang weapons on any fighters they buy.
The most dangerous Kfir-related sale, of Gabriel 3 anti-ship missiles, would make Britain an outright enemy of Israel’s. That won’t happen. The question is whether Britain can pressure Israel to block the Kfir fighter sale in totality or have it blocked by the Americans, who control the J-79 engines.
If the Israeli sale falls through for some reason, South Africa has already sold similar Cheetah fighters to Ecuador and Chile. Enough were produced to sell 18 more to Argentina, but the best airframes have presumably been taken already. .
If those options fail, Argentina faces a shrinking set of choices.
The only sources free of American or European influence are Russia and China.
The JF-17 Thunder from China and Pakistan would be a more advanced option and a definite threat, thanks to its ability to carry C802 subsonic and CM-400AKG supersonic anti-ship missiles. Argentina has expressed interest in the JF-17, and has held discussions directly with China.
Basically, unless a plan is developed soon (acquisition and trailing take time) the Fuerza Aerea Argentina will soon cease to exist as a relevant military asset.
I am not sure Argentian will go that far in with China...but the JF-17 would be an excellent option for them if they could arrange it. After the Kfirs, the JF-17 seems like Argentina's best option.
I suppose a South African Cheetah deal for a few aircraft is still possible, but there are not that many and you have to look at their service life.
It will be interesting to see how it turns out.