Manchester City Join Race to Sign Alvarez from Atletico Madrid

Manchester City have crashed into the race to sign Alvarez from Atletico Madrid, threatening to derail what had looked like a huge Premier League move elsewhere.

The Treble winners have made initial enquiries over a sensational loan return for the forward, according to Marca, as they scramble to plug gaps in Enzo Maresca’s attack before the window shuts.

Arsenal’s €150m plan under threat

Alvarez left Manchester two years ago in an £82 million deal to Atletico, but his future in Spain has turned volatile in a matter of days.

Arsenal have been pushing hardest. The north London club are prepared to go as high as €150m (£130m) to land the 26-year-old and make him the marquee addition to Mikel Arteta’s front line at the Emirates Stadium.

Atletico have been open to that scenario. They have effectively placed a “for sale” sign in front of Arsenal, waiting only for a clear signal from the player’s camp before inviting a formal bid.

City’s late entrance changes the mood. A permanent blockbuster to Arsenal now has to compete with the emotional pull and sporting logic of a short-term return to the Etihad.

Turmoil in Madrid

The situation around Alvarez has escalated at speed this week.

He has skipped training for three straight days after being loudly booed by Atletico fans last Sunday, a public backlash that has only deepened the sense that his time at the Estadio Metropolitano is running out.

His preferred destination is clear: Barcelona. That is the move he wants. Atletico, though, are refusing outright to negotiate with their great Catalan rivals and have shut that door completely.

So the standoff grows. Atletico push him towards a Premier League exit. Arsenal wait. City lurk. And Alvarez, for now, resists a return to England.

Despite mounting pressure to move on, he remains highly reluctant to go back to the Premier League, a major complication for both English clubs as the deadline looms.

City’s striker problem

Manchester City’s interest is not sentimental; it is urgent.

The recent departures of Omar Marmoush and Savinho have stripped Maresca’s squad of attacking depth and left the champions unexpectedly light up front. The need for a proven, ready-made forward is immediate.

Alvarez fits that brief perfectly. During his first spell in Manchester he scored 36 goals in 103 appearances and was a key figure in the club’s historic Treble-winning season, showing he can handle the demands, the system, and the pressure.

On paper, it looks ideal. A player who knows the club, the league, and the expectations, dropping straight back into a familiar environment to solve a sudden crisis.

Reality is less simple.

Valuation, reluctance and a race against time

Despite City’s interest, talks between the clubs have not formally started. Atletico remain firm on a huge valuation, built on both his age and his status in the squad, even amid the current unrest.

City, exploring a late loan, would have to navigate not just the financial weight of that stance but also the player’s own hesitation about England. Those are serious hurdles with very little time left.

Arsenal, meanwhile, sit with a massive offer ready in principle and a clear path laid out by Atletico, yet still need the one thing they do not control: Alvarez’s approval.

Barcelona are blocked. Arsenal are waiting. City are circling.

One forward, three directions, and a transfer window running out of days.