The Argentina international found himself booed by sections of the Atletico Madrid support after the collapsed move, and reports at the time suggested he was struggling emotionally with the fallout, appearing visibly deflated during training sessions as the drama played out.
Catalan media now suggest Barcelona will make a fresh attempt to sign him in January, setting up a possible repeat of the saga, while other reports indicate Atlético could be open to a sale at the start of 2027. For now, though, Álvarez remains a Rojiblanco.
The forward came on as a substitute in Saturday's heavy defeat away to Athletic Bilbao at San Mamés, and although he was unable to make a significant impact on the scoreline, his attitude on the pitch drew praise from those inside the club. Reports on Sunday indicated he has shown the same positive mentality in training, determined to win back the trust of everyone at the club and prove his commitment to the cause.
Álvarez is said to have the support of several teammates, including Juan Musso and Cristian Romero, with a general consensus in the dressing room to help him rediscover his best form. The former River Plate and Manchester City forward faces a significant early test of that resolve, with Atlético set to face Liverpool in the Champions League in the coming days — a fixture that will offer a clear indication of whether he has fully moved past the disruption of the transfer window.
Álvarez's importance to Diego Simeone's side has never been in serious doubt on a footballing level, having established himself as one of the club's most reliable forwards since his move from City.
The events of the summer, however, appeared to test his relationship with a section of supporters unhappy at how close he had come to leaving, and rebuilding that trust now appears to be as much a part of his immediate challenge as recovering his sharpness on the pitch.
With the transfer saga seemingly parked rather than resolved, all parties will be aware that the same questions could resurface as soon as the winter window opens, but for now the focus inside the club is on reintegrating a player determined to prove his future still lies at the Metropolitano.