Alvarez grew into a supporter favorite across his two seasons with Manchester City, claiming six major honors and contributing to the historic Treble success.

Yet the forward sought an exit from the Etihad because he disliked his supporting role behind Erling Haaland and preferred starring as the focal point at another club.

Ex-City manager Pep Guardiola had consistently stated that players eager to depart could do so once a suitable fee was agreed.

Atletico completed an 81.5 million pound agreement for Alvarez in August 2024, delivering City substantial returns on their 14.1 million pound investment and marking their record outgoing transfer.

"There was never any kind of problem," Alvarez explained in a podcast last year. "I simply told him [Guardiola] how I felt - that I wanted more minutes in some matches where I knew I would not get them or simply was not getting them.

"Of course he understood. Players always want more minutes, they want to grow, they want to play the big moments. And if I felt I was not going to have them there, he gave me the freedom to choose my path."

Alvarez netted 36 times in 106 outings for City, yet questions remained over whether he could elevate his game further.

Atletico looked set to trail Barcelona and Real in the La Liga standings once more. They placed third in 2025 and fourth the prior campaign.

Alvarez recorded 49 goals and 17 assists across 106 matches for the club and earned strong endorsement from France legend Thierry Henry, who noted on The Overlap: "One of my favorite number nines out there is Julian Alvarez.

"Putting pressure, playing alone, he can hold it up, he has played at the Olympic Games, Copa America and I did not hear him saying he is tired.

"The way he plays, I just like him."

Crucially for the player, manager Diego Simeone has afforded him starts in major fixtures, fulfilling the desire he expressed earlier.

This term Alvarez found the net in the Copa del Rey final versus Real Sociedad, which concluded in a painful penalty shootout loss, and again in the opening leg of the Champions League semi-final against Arsenal.

Simeone remarked in September: "Julian Alvarez is the best player we have, we need to take care of him and keep him for many years at Atletico.

"We have to help him be even better than he is."

Real have now shown interest.

When one of football's most renowned institutions pursues a player, refusal often proves challenging.

Alvarez's former City colleague Rodri observed in March that "you cannot turn down the best clubs in the world" when discussing a possible switch to Real, even after his own spell at Atletico.

Barcelona have also pursued Alvarez, with yesterday's offer viewed by some as an effort to surpass the La Liga champions who have tracked the forward for some time.

Last month Atletico criticized Barca for their "smear campaign" aimed at securing Alvarez, while BBC Sport columnist Guillem Balague reported that discussions had begun.

These approaches prompted Barca and Spain defender Pau Cubarsi to describe Alvarez as a "spectacular footballer", a "world-class striker" and someone with the "quality for Barcelona".

After Perez secured election success, the 79-year-old delivered on his pledge but faced mockery from Atletico, who dismissed the bid and cited Alvarez's 500 million euro release clause.

In a statement, Real said: "Following the meeting of the board of directors held today, it has made an offer of 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez.

"After reviewing and evaluating the offer, Club Atletico de Madrid has expressed its gratitude for the proposal, made within the framework of the good relations between both clubs, and has rejected it, referring to the player's release clause."

Atletico reposted the Real Madrid statement on X with multiple laughing emojis.

In a follow-up message they wrote: "You must have confused education with gratitude, but to leave no doubt: we do not thank you for anything.

"We neither study nor consider any offer for Julian. How could we not get along, when you make us laugh even more than Barcelona does."

Real now risk becoming a source of amusement themselves.

Following Carlo Ancelotti's departure at the close of last season, former midfielder Xabi Alonso endured just 34 games in charge, while successor Alvaro Arbeloa managed only 21 matches.

The campaign finished in surprising fashion, without silverware and again behind rivals Barcelona.

Perez has appointed Jose Mourinho to revive the struggling giants, who possess talents including Kylian Mbappe, Vinicius Jr, Jude Bellingham and Trent Alexander-Arnold.

Alvarez could supply the work rate and team-first attitude occasionally absent from the current Real squad.

After the initial rejection, focus may return to luring the Argentine forward to spearhead the latest group of galacticos at the Bernabeu.