Alvarez eyes Atletico exit after Real Madrid's £130m bid, handing City a windfall

Julian Alvarez has publicly stated his desire to leave Atletico Madrid, setting up a potential summer move that could earn Manchester City a windfall of up to £7m through a sell-on clause negotiated when they sold the Argentine striker in 2024.

Real Madrid recently submitted a £130m bid for the 25-year-old, only for Atletico to reject it outright, pointing their city rivals to Alvarez’s release clause — a prohibitive £431m. Despite that firm stance from the club, Alvarez made clear this week that he sees a transfer as the right outcome.

“Honestly, I don’t know,” Alvarez told reporters. “I don’t think this is the right time to talk, but I can’t hide either. I try to be an honest person. I’ve spoken with the people at the club, with those I needed to speak to. I think a transfer is the best solution for everyone, and I want to fulfil my dream.”

Barcelona are also understood to be interested, meaning Atletico face a battle to retain one of their most influential forwards heading into the summer window.

City sold Alvarez to Atletico in the summer of 2024 for an initial £64.4m, a fee that could rise to £81.5m if certain performance clauses are met. The deal also included a 10 per cent sell-on clause on any future profit, meaning a sale at Real Madrid’s £130m valuation would return between £4m and £7m to the Etihad.

Alvarez had been a reliable contributor at City but found his opportunities limited by Erling Haaland’s status as the undisputed first choice. He made the move to Madrid seeking regular football and has delivered — scoring 29 goals in his debut Atletico campaign and following that with 20 across all competitions last season.

Whether Atletico’s insistence on the £431m release clause proves a genuine barrier or a negotiating position remains to be seen, but Alvarez’s own words have now added significant momentum to speculation over his future.