The 26-year-old has been a key player for Atletico Madrid this season, scoring 20 goals and providing nine assists in his 49 games.
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According to Marca, Alvarez has sent shockwaves through Atletico Madrid after rejecting a club record contract offer.
It’s understood that the club are hoping to tie him down to a new long-term deal and offered him a €10 million per season contract.
This would have made him the highest paid player in Diego Simeone’s squad by some distance, but Alvarez isn’t interested.
The striker’s current deal is set to expire in the summer of 2030 and has a release clause of a whopping €500 million.
Barcelona have been heavily linked with a move for Alvarez, with Champions League finalists PSG and Arsenal also interested.