The Argentine striker was at the centre of transfer speculation during the summer, with reports of his interest in leaving Atletico Madrid prompting a prolonged saga involving several parties. However, the possibility of a move to Barcelona now appears to have receded.
According to journalist Carlos Monfort, speaking on Rubén Uría's YouTube channel, Álvarez's future is no longer a subject of active consideration at the Catalan club. Barcelona believe they already have sufficient options in the centre-forward position, particularly following Raphinha's emergence in the role.
The report suggests the club are therefore unlikely to pursue another striker in the next transfer window.
Barcelona's reservations are also said to extend beyond their assessment of the squad. Monfort reported that the club were unhappy with the conduct of Álvarez's former representative, Fernando Hidalgo, during the previous discussions. Barcelona had reportedly been given the impression that securing the player's departure from Atlético would be considerably easier than it ultimately proved.
Álvarez remains under contract at the Metropolitano until June 2030, and Atlético are still his preferred destination should he decide to continue in Madrid. Diego Simeone has indicated that the forward is in good condition ahead of the meeting with Barcelona, while Hansi Flick described him as a fantastic player but declined to discuss someone outside his squad.
The striker has gradually improved his performances, although some Atlético supporters remain unhappy with his previous comments about his future.
Barcelona's position would represent a significant change after the summer speculation. The club are understood to have decided that their centre-forward options are adequately covered, leaving Álvarez to consider his future without the prospect of a move to Camp Nou appearing likely.
He previously turned down Arsenal and Paris Saint-Germain, two clubs mentioned as possible alternatives. If he still wants to leave Atlético, those possibilities could become relevant again, but for now Barcelona appear to have moved on.