Atletico de Madrid have rejected a €150 million offer from Real Madrid for striker Julian Alvarez, with the Spanish capital club referring their city rivals to the Argentine’s €500 million release clause.
Real Madrid confirmed the bid in an official statement on Tuesday, saying: “Real Madrid CF announces that, following today’s board of directors meeting, it has made an offer of 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez. After studying and evaluating it, Atletico de Madrid has thanked the club for the offer, made within the framework of the good relations existing between both clubs, and has rejected it, referring to the player’s release clause.”
The move comes after Real Madrid president Florentino Perez, who won reelection on Sunday by a narrower margin than anticipated, had publicly promised during his campaign to submit a €150 million bid for a top player by Tuesday. Speaking on Spanish television programme Horizonte last week, Perez had teased: “Next Tuesday I will make an offer to an important Champions League club for a top player. It would be the biggest transfer fee Real Madrid have ever paid. It would be €150 million, at least.” He had pointedly ruled out Michael Olise, Jeremy Doku and Erling Haaland as the intended target, though Bayern Munich had already made clear through president Herbert Hainer that Olise was not available regardless.
Had it been accepted, the offer would have ranked as the third-largest transfer in football history. Atletico’s swift and firm dismissal, however, makes plain that Alvarez is not for sale to any club within Spain, and effectively signals that the 26-year-old is off the market unless a suitor meets the full release clause.
Alvarez, who joined Atletico from Manchester City for up to €95 million in August 2024, has been in impressive form. He scored 29 goals in 57 appearances in his debut season and followed that up with 20 goals from 49 outings in 2025-26, including ten in the Champions League.
The Argentine has also been the subject of prolonged interest from Barcelona, who had a €100 million bid rejected as recently as 29 May. Barcelona head coach Hansi Flick and sporting director Deco are understood to be keen admirers, and reports suggest Alvarez himself is open to a move to the Camp Nou. However, the forward has so far declined to make any public push for a transfer, and without such pressure, Atletico have shown no intention of relenting. Barcelona’s pursuit is ongoing, though their focus has also turned to Anthony Gordon, with a €80 million agreement reached with Newcastle United to sign the England winger.
Real Madrid’s bid, meanwhile, is widely seen as a political gesture rather than a genuine transfer priority. The club’s incoming coach Jose Mourinho is reported to have shown interest in Olise, while a section of the Real Madrid fanbase would prefer Perez to target a top-tier midfielder such as PSG’s Vitinha. Alvarez had not been viewed internally as a player of the Kylian Mbappe calibre that would typically justify such an outlay.
For now, barring a dramatic change in stance from any of the parties involved, the matter of Alvarez leaving Atletico this summer appears closed.
