Real Madrid confirmed the bid via their official website, announcing that their board of directors had authorised the offer and submitted it directly to their city rivals.
The statement read: "Real Madrid CF announces that, following the meeting of the board of directors held today, it has made an offer of €150 million to Club Atlético de Madrid for the federative rights of the player Julián Álvarez.
"After reviewing and evaluating the offer, Club Atlético 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."
That clause stands at €500 million.
Álvarez is contracted to Atletico Madrid until 2030 — a deal signed when the Argentina international joined from Manchester City in the summer of 2024 for approximately €85 million.
Atlético's official social media response began with five laughing emojis. It escalated from there. Subsequent posts included a reference to the club's "good relations" with Real Madrid's president, a pointed comment about Madrid "confusing politeness with gratitude," and a barb directed at Barcelona — who had their own bid rejected last week — with the line: "You make us laugh even more than Barcelona."
Florentino Pérez had pre-announced the bid during his re-election campaign, telling supporters he would make "the biggest offer ever made for a player" if re-elected. He explicitly ruled out Michael Olise, Erling Haaland and Jérémy Doku in the days that followed, leaving Álvarez as the only realistic candidate from what remained. The announcement came after Álvarez scored 20 goals and added nine assists in 49 appearances across all competitions for Atlético during the 2025-26 season, establishing himself as one of the most productive strikers in LaLiga.
The bid now places the ball, as MARCA noted, entirely with the player. Atlético cannot be forced to sell below the release clause. What they cannot entirely control is whether Álvarez himself decides he wants to go — and if so, whether any club can find a way to make a deal work short of the full €500 million.
Barcelona submitted a bid of €100 million the previous week and received the same answer. Arsenal and Paris Saint-Germain have also been linked, though PSG's relationship with Atlético is understood to make a deal between those clubs particularly unlikely.
The laughing emojis will fade. The situation around Álvarez will not.