Cadena SER reported on Sunday that Atletico Madrid executives internally believe Álvarez has made his decision and that his agent and family are actively pushing for a move. The Spanish broadcaster confirmed that PSG, Barcelona and Arsenal have all made repeated inquiries about his salary demands and have received encouraging responses, though no club has yet formally contacted Atlético to open fee negotiations.
Footmercato confirmed that PSG head of football Luis Campos has identified Álvarez, 26, as the club's primary attacking target ahead of next season, with head coach Luis Enrique having long admired the player. The Argentine would also be open to the prospect of working under Enrique. PSG are said to be the best-placed club financially to meet Atlético's demands.
Álvarez joined Atlético from Manchester City for €75million in 2024 and has posted 20 goals and nine assists across all competitions this season. He is under contract until June 2030 with a €500million release clause — a figure inserted to deter interest rather than reflect a realistic selling price. Atlético are expected to demand between €100million and €120million in any negotiation.
Antoine Griezmann's departure at the end of this season would free up significant wage budget at the Metropolitano, and the club still hope to convince Álvarez to stay. Head coach Diego Simeone has been briefed on the situation and is understood to believe a renewal can be agreed.
Barcelona remain the player's preferred destination. Reports from Mundo Deportivo suggest Álvarez prioritises Camp Nou over PSG and has indicated he would be reluctant to return to the Premier League, making Arsenal the least likely of the three main suitors.
A prolonged World Cup campaign with Argentina this summer would increase his market value further, which may lead Atlético to delay any sale until after the tournament. PSG, however, are expected to submit a first formal offer imminently.