Atletico president sets £431m release clause as only route to Julian Alvarez amid Arsenal interest

Atletico Madrid president Enrique Cerezo has drawn a firm line in the sand over Julian Alvarez’s future, insisting the Argentina forward will only leave the club if someone pays his €500m (£431m) release clause — a figure that would shatter the world transfer record. Arsenal have been persistently linked with a move for the 26-year-old, as manager Mikel Arteta looks to strengthen his attacking options ahead of next season.

Speaking to El Desmarque, Cerezo was blunt about the terms: “Julian is an Atletico Madrid player. Whoever wants him can come and look at the contract, and if they’re interested, they’ll sign him; if not, they won’t. It seems like this is the story of the summer; you all know exactly how things stand.”

Cerezo also expressed confidence that Alvarez would remain in Madrid, adding: “Julian is an Atlético Madrid player, and I believe he will remain an Atletico Madrid player.”

The Gunners are not alone in their reported admiration. Both Real Madrid and Barcelona have also been credited with interest in the former Manchester City striker, who joined Atletico in 2024 and has since scored 49 goals in 106 appearances for the club.

Cerezo’s comments came just a week after Real Madrid confirmed that a formal bid for Alvarez had been rejected. In a statement, Real Madrid disclosed they had offered €150m for the player’s federative rights, only for Atletico to decline and point them back to the release clause.

Atletico’s response went well beyond a standard rejection. In a pointed post on X, the club mocked their city rivals: “We neither study nor consider any offer for Julian,” before adding a jab about Real Madrid’s recruitment of players from Atletico’s academy.

For Arsenal, the reality is stark. Unless the club — or any other interested party — is willing to trigger a clause that would dwarf the current world record fee, Alvarez appears set to stay in the Spanish capital. At £431m, the barrier is less a negotiating position and more a statement of intent from Atletico that their prize asset is not for sale at any realistic market price.