Álvarez has also attracted interest from Chelsea and Manchester United, who would welcome bringing the former Manchester City player back to the Premier League. However, Atleti are clear that their star striker is not for sale, despite their poor streak in recent months.
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According to Cadena SER, during Barcelona’s last approach to Álvarez, Atleti responded with the price they were asking for: 200 million euros. This would be the second highest transfer fee in history, after Neymar Junior’s €222 million move from the Catalans to Paris Saint-Germain in the summer of 2017.
Image via Aitor Alcalde/Getty Images
Álvarez is more likely to sign a new contract with Atleti than to leave
The report also claims that Alvarez is more likely to sign a new contract with Atleti than leave the club in the summer. Los Colchoneros officials are keen to offer the Argentina international the opportunity to extend his stay, with any proposal likely to include a pay rise as well.
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Álvarez has underperformed this season, but as his performances during the 2024-25 campaign demonstrated, he is a top-level striker. Atleti are not under pressure to sell, so it makes sense that they want a record fee to consider allowing Barcelona to sign him.
Barcelona are still considering their plans for the summer, but if Joan Laporta is re-elected president, there is every chance that a move for Alvarez will be seriously considered. However, they would need to return to La Liga’s 1:1 rule before that happens, given that they are still crippled in the financial sense.