Barca launched a nine-figure move for the Argentine international on Friday morning after the forward indicated he wanted to leave Atletico Madrid.
Alvarez is under contract at the Riyadh Air Metropolitano Stadium until 2030, putting the power in the selling clubs' hands.
That is why Atleti are demanding more than the €100m offer Barcelona have placed on the table, with transfer guru Ben Jacobs revealing that Alvarez could cost the Spanish giants more than the €120m they paid for Antoine Griezmann.
Whether they're willing to pay that remains to be seen, but sporting director Deco is already looking to wrap up big-money moves for Anthony Gordon and Marcus Rashford.
Newcastle United recently accepted an €80m offer for Gordon, and with talks continuing over Rashford's future, Hansi Flick is overhauling his attack following Robert Lewandowski's departure.