Barcelona are preparing a renewed offer worth between €130 million and €140 million for Atlético Madrid striker Julián Álvarez, according to transfer reporter Matteo Moretto of Relevo. The proposal represents a significant increase on the €120 million package the Catalan club tabled earlier this summer, which Atlético dismissed.
The Argentine forward, 26, has made clear his desire to leave the Metropolitano and submitted a formal transfer request. He has publicly identified Barcelona as his preferred destination and rejected advances from Paris Saint-Germain. Despite this public stance, Atlético’s director of football Mateu Alemany retains considerable negotiating leverage.
Atlético Use PSG Interest as Tactical Leverage
Although Álvarez has turned down PSG, the French champions have entered active dialogue with Atlético regarding the striker. The clubs are also discussing a potential move for midfielder Kang-in Lee. However, PSG manager Luis Enrique’s primary attacking target is reportedly Yan Diomande, not Álvarez.
The Parisian club’s involvement appears largely tactical. Their financial capacity exceeds Barcelona’s, giving Alemany a credible alternative buyer to reference during negotiations, even if the player’s position makes a move to France unlikely. This dynamic allows Atlético to maintain pressure on Barcelona without being forced into a discounted sale to a domestic rival.
Valuation Gap and Structural Hurdles
Atlético have cited a €500 million release clause in Álvarez’s contract and have shown little willingness to negotiate significantly below their valuation, reported to be around $115 million with potential add-ons taking the total to $160-175 million. Barcelona’s improved offer of €130-140 million may still fall short of Atlético’s demands, particularly if the structure relies heavily on performance-related bonuses rather than guaranteed fees.
Arsenal have also been linked with an approach involving a player-swap structure, potentially using striker Viktor Gyökeres as a makeweight. Such an arrangement might appeal to Atlético as a way to avoid strengthening Barcelona, with whom relations have grown tense during this saga.
What Happens Next
Barcelona consider Álvarez their primary striker target as they plan for the post-Lewandowski era, but their financial constraints make matching PSG’s theoretical spending power difficult. Atlético maintain they are under no obligation to sell and would prefer to retain the forward, whose contract runs until 2030.
For a transfer to materialise, Barcelona likely need to devise a creative payment structure acceptable to Atlético, or hope the player’s public stance forces the club’s hand. With the window progressing, Alemany’s position remains structurally strong, and the saga appears set for further rounds of negotiation.