Man City's £129m bid to hijack Arsenal's pursuit of Alvarez reportedly rebuffed without reply

Manchester City reportedly tabled a £129 million offer for Julian Alvarez in the closing days of the summer transfer window, only for the Argentine striker to decline without even acknowledging the approach — a detail that reframes what had widely been seen as a straight contest between Atletico Madrid and Arsenal.

Alvarez ultimately stayed at Atletico, ending one of the summer’s most protracted transfer sagas on Tuesday. The 26-year-old had spent the window pushing for a move to Barcelona, but Atletico refused to sell him to a direct La Liga rival. They were, however, open to a sale abroad, which drew Arsenal into the picture as heavy favourites to land him if he was willing to settle for north London.

He was not. Having played for City between 2022 and 2024, Alvarez had no appetite for a return to England, and Arsenal’s interest ultimately came to nothing.

The Athletic reported that City monitored developments in the final week of the window to assess whether a return to the Etihad was feasible, making what was described as an ambitious enquiry while simultaneously pursuing Cody Gakpo and Iliman Ndiaye — both of whom they eventually signed. City received no encouragement and pulled back. The club itself denies making any approach to Alvarez’s camp.

Radio Marca went further, claiming that the €150 million (£129m) figure — widely reported as Atletico’s asking price, and equal to the Premier League record City set when signing Enzo Fernandez — was first directed at Atletico for Alvarez before deadline day. According to the Spanish outlet, Alvarez’s response was silence.

The reasons behind his reluctance to move to England are reported to be personal rather than professional. Sources familiar with the situation suggest lifestyle preferences and potential documentation issues — which could have complicated arrangements for his family — played a significant role in his decision. Alvarez won the Treble with City in his second season at the club before joining Atletico in 2024.

With Alvarez now committed to Atletico at least until the January window, the saga appears to be on pause rather than fully resolved. Barcelona’s interest has not disappeared, and Atletico’s willingness to sell abroad suggests another chapter may yet follow.