Atletico Madrid are under no pressure to sell. Alvarez's contract runs until 2030 and his buyout clause is set at a reported £433 million. Spanish media indicate the club would need an offer of at least £86 million to enter negotiations, with some reports placing the required fee closer to £130 million.
The 26-year-old Argentine has scored 19 goals across all competitions this season, including a penalty in the Champions League semi-final first leg against Arsenal this week, which finished 1-1. The Sun reports Arsenal have identified him as their primary attacking target this summer.
The players most likely to generate the required profit margin are academy graduates Ethan Nwaneri and Myles Lewis-Skelly, both carrying near-pure profit on the club's books having come through Hale End.
Nwaneri is currently on loan at Marseille, with Chelsea and Borussia Dortmund holding strong interest. Lewis-Skelly has made 69 appearances for the Gunners and earned England recognition, with Chelsea and Manchester United also linked.
Gabriel Martinelli, Gabriel Jesus, and Ben White are other reported candidates for departure. Even captain Martin Odegaard's future, with two years remaining on his contract, is said to raise internal questions.
Barcelona are considered frontrunners for Alvarez's signature but face their own financial constraints. Arsenal are unlikely to walk away simply because of competition.
Signing Alvarez would, however, raise a further question: what happens to Viktor Gyokeres, signed last summer and now on 18 goals in all competitions. Both cannot comfortably coexist as first-choice options in the same system.