Manchester United made the first documented move, with journalist Ben Jacobs reporting that the club had contacted Riquelme Angulo's representatives to understand the financial terms of a deal.
Barcelona responded quickly and are now considered to be in a stronger position, having held preliminary discussions with Independiente del Valle and assessed him as a longer-term alternative to Julián Álvarez of Atletico Madrid — a target they cannot currently afford.
Riquelme Angulo turned 18 in January, which makes him eligible to move to Europe. He stands 1.93 metres tall, combining physical presence with pace and a sharp instinct for goal. He has scored two goals in six appearances in Ecuador's LigaPro Serie A this season and has already represented Ecuador's Under-17 side, for whom he has scored once in six matches.
Independiente del Valle have an exceptional record of developing players for the European market. The club produced Moisés Caicedo, Kendry Páez and Willian Pacho, all of whom commanded significant fees. That pedigree gives Riquelme Angulo a credibility that his limited senior statistics alone would not convey.
His Transfermarkt value is currently listed at €350,000, but with two major European clubs now competing, the actual transfer cost is expected to land closer to €5 million.
Jacobs described Riquelme Angulo as a player United genuinely like, stating on The United Stand that he has the profile to become a very good player at the highest level. Barcelona's scouting staff have been monitoring him for some time and view the move as consistent with their policy of targeting young South American talent before a bidding war drives up the price.
The outcome will likely depend on which project Riquelme Angulo himself favours — and how quickly either club is willing to formalise a bid.