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Real Madrid have officially made a €150million (£129m) bid for Atletico Madrid forward Julian Alvarez. Alvarez is also understood to be a key target for Barcelona, setting up a potential transfer battle between the Spanish giants.
The bid has, however, been rejected by Diego Simeone’s side. A club statement read: “Real Madrid C. F. announces that, following the meeting of the Board of Directors held today, it has made an offer of 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez.
“After reviewing and evaluating the offer, Club Atletico de Madrid has expressed its gratitude for the proposal, made within the framework of the good relations between both clubs, and has rejected it, referring to the player’s release clause.”
The 26-year-old’s current contract runs until 2030. Barcelona were also preparing a formal offer of around €100m (£87m), while Atletico Madrid were holding out for a higher fee.
Barcelona head coach Hansi Flick and sporting director Deco are said to be admirers of Julian Alvarez, with reports indicating the player is open to a move to the La Liga champions.
Alvarez scored 20 goals in 49 appearances for Diego Simeone’s side this season, including 10 in the Champions League. In 2024–25, he registered 29 goals in 57 matches after joining from Manchester City in a deal worth up to €95m.
If completed, his arrival would be Barcelona’s second major attacking addition, following an agreement to sign Anthony Gordon from Newcastle United for €80m.
Meanwhile, reports suggest Real Madrid are also planning squad reinforcements at right-back, left-back, centre-back, and in creative midfield areas ahead of the new season.
In January, newly appointed Arsenal sporting director Andrea Berta reportedly made informal enquiries over a potential move for Julián Alvarez, who is viewed as a dream target for the club this summer.
Arsenal manager Mikel Arteta is keen to strengthen his attacking options following a Premier League title-winning campaign, with Bournemouth’s Eli Junior Kroupi and Aston Villa’s Morgan Rogers among other names being considered.
Alvarez and Argentina are due to begin their World Cup defence early next week, with their opening group game against Algeria scheduled for July 17.