The report says Álvarez has reportedly agreed personal terms with Barcelona over a five-year contract, although the Catalan club’s £86 million offer was rejected.
Real Madrid is also said to have made a £130m proposal, quickly turned down by Atlético. The Madrid club is reportedly seeking more than the £104m it received when Antoine Griezmann joined Barcelona in 2019.
Those claims remain unconfirmed, but the message from Atlético appears clear: Álvarez will not be allowed to leave cheaply, particularly for a direct domestic rival.
Álvarez’s rapid rise helps explain his valuation. He reportedly moved from River Plate to Manchester City in January 2022 for £14m, having already established himself as one of South America’s most exciting forwards.
At City, he won the World Cup with Argentina, lifted the Copa América and played a role in the club’s treble-winning campaign. Atlético then reportedly paid around £82m for him in August 2024, despite City’s desire to keep the player.
Álvarez later described that departure as a search for opportunity rather than a dispute with Pep Guardiola. “Nunca houve qualquer tipo de problema,” he said, adding: “Claro que ele entendeu.” His argument was straightforward: he wanted more minutes in the biggest matches.
For Diego Simeone’s Atlético, losing Álvarez would mean replacing a forward capable of leading the line, linking play and threatening from several positions. For the player, Barcelona or Real Madrid would offer a new stage - but also intense pressure.
Until Atlético accepts a proposal, the transfer remains a reported standoff. The next window of negotiations, and Álvarez’s next public comments, could determine whether this becomes a summer saga or a genuine blockbuster move.