Julian Alvarez's €500million release clause is more complicated than it appears, GIVEMESPORT understands.
The Argentinian international, on duty with his nation at the 2026 World Cup, which starts in Mexico on Thursday, is understood to have had a whopping €500million release clause inserted into his contract when he signed from Manchester City in 2024.
There are provisions for certain Champions League clubs, including Barcelona, to sign Alvarez at a number south of €150million.
Alvarez wants to join Barcelona and the LaLiga champions have already seen a €100million bid rejected.
Atletico Madrid stance on Alvarez sale is clear
Julian Alvarez
Atletico Madrid responded by trolling Barcelona on social media and maintain the Argentine striker is not for sale. The club deny any active negotiations and still point to the €500million clause.
26-year-old Alvarez remains contracted until 2030 leaving Atleti in a strong position, but club CEO Miguel Ángel Gil and former sporting director Andrea Berta put in provisions for Alvarez to leave for a lower number than his official release clause when he joined from Manchester City in 2024.
Alvarez has gone on to score 49 goals in 106 appearances, including 20 last season in all competitions.
Atleti have been left angered by Barcelona's public pursuit of Alvarez and dispute club-to-club talks are ongoing. Yet Alvarez has made it clear to the club he would like to leave, with Barcelona his firm preference.
Arsenal have a number of other attacking options
Arsenal manager Mikel Arteta looks on ahead of Champions League final vs Paris St Germain
In January, now Arsenal sporting director Berta made some informal calls. Alvarez is a dream target for Arsenal this summer. Manager Mikel Artet is intent on adding attacking reinforcements to his Premier League title-winning squad, with Bournemouth's Junior Kroupi and Aston Villa's Morgan Rogers other options.
Real Madrid have also been linked with a move for Alvarez in recent days by Spanish media and there is growing noise around Barcelona’s transfer vials entering the race.
Yet Alvarez's agent, Fernando Hidalgo, was recently asked about Real Madrid by Mundo Deportivo and replied: "We have no information on the matter and no one has contacted us about it."
Alvarez and Argentina do not start their World Cup defence until the early hours of Wednesday morning (UK time) when they take on Algeria in their first group game.
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Arsenal remain keen on the former Man City star, but the Argentinian isn't interested in a return to the Premier League.