Manchester City have reportedly made a sensational move for former striker Julian Alvarez, with the Premier League champions said to have opened talks over a potential deal before the transfer deadline.
According to the latest report, City have entered the race as Arsenal continue their attempts to sign the Atletico Madrid forward. The potential transfer could be one of the biggest stories of the final days of the summer window, particularly because Alvarez already has a strong connection with Manchester City.
The Argentine striker left City for Atletico Madrid in 2024, but his performances in Spain have since turned him into one of Europe’s most sought-after forwards.
Now, with Arsenal reportedly pushing for a deal worth around £130 million, Manchester City could be prepared to make a dramatic attempt to bring him back to the Etihad.
Manchester City make surprise move for Alvarez
The possibility of Julian Alvarez returning to Manchester City is undoubtedly one of the most intriguing transfer stories of the summer.
Alvarez was hugely popular during his time at City. He arrived from River Plate and quickly established himself as an important member of Pep Guardiola’s squad, contributing goals, assists and versatility across the attack.
His ability to play as a centre-forward, second striker or attacking midfielder made him particularly valuable.
Although he often had to share minutes with Erling Haaland, Alvarez consistently demonstrated that he could lead the line at the highest level.
His eventual move to Atletico Madrid gave him the opportunity to become the focal point of a major European attack.
That move has worked remarkably well from an individual perspective, with Alvarez developing into an even more complete forward.
It is therefore no surprise that Arsenal have identified him as a major target.
What is surprising is the suggestion that Manchester City are now prepared to compete for his signature.
Arsenal’s £130m pursuit puts City on alert
Arsenal’s interest has been one of the biggest transfer stories surrounding the forward in recent weeks.
Reports have indicated that the Gunners remain determined to sign Alvarez, despite Atletico’s resistance.
A £130 million figure has been repeatedly mentioned in connection with the transfer. Atletico have previously demonstrated that they have no intention of allowing Alvarez to leave cheaply.
Indeed, a reported £130m offer from Real Madrid was rejected earlier this summer, while Barcelona have also been linked with the Argentina international.
That makes City’s reported interest particularly significant.
If Manchester City genuinely decide to pursue Alvarez, Arsenal could suddenly face competition from the club they have battled against for Premier League supremacy.
The timing is also important.
With the transfer deadline approaching, there is little time for clubs to negotiate complicated deals. Any serious move would therefore need to progress quickly.
Why would Man City want Julian Alvarez back?
At first glance, a move for Alvarez could appear unnecessary.
City already have Erling Haaland as their primary centre-forward, while the squad has added several attacking options during the summer.
However, Alvarez’s versatility could make him extremely attractive to Enzo Maresca.
The new City head coach is building his own team after succeeding Guardiola in June, and having a forward capable of operating in several positions could give him another tactical option.
Alvarez is not simply a traditional number nine.
He can drop into midfield, combine with attacking players, press from the front and create opportunities for teammates.
That flexibility could be especially useful when City face opponents who defend deeply.
There is also the obvious question of squad depth.
A long season requires multiple attacking options, particularly when Manchester City are competing in the Premier League, Champions League and domestic competitions.
Having Haaland and Alvarez available would give Maresca two world-class forwards who can play together or separately.
A Haaland-Alvarez partnership could be fascinating
Perhaps the biggest attraction for City supporters would be the possibility of seeing Haaland and Alvarez together again.
The pair already developed an excellent understanding during their time at Manchester City.
While Haaland remained the primary striker, Alvarez frequently found ways to influence games when playing alongside him.
A second spell could look very different under Maresca.
Rather than asking Alvarez simply to provide competition for Haaland, the manager could use both players in the same starting XI.
Alvarez’s movement could allow Haaland to occupy central areas, while the Argentine could operate behind him or drift into wider positions.
That would potentially give City an extremely flexible front line.
It would also provide Maresca with another way of changing matches.
If City needed more creativity, Alvarez could play deeper. If they needed another goalscorer, he could move closer to Haaland.
Atletico Madrid hold the key
Despite the excitement surrounding the reports, there is a major obstacle.
Atletico Madrid have made their position on Alvarez extremely clear.
The Spanish club have repeatedly indicated that they do not want to sell their star forward, while his enormous release clause provides significant protection.
FootballTransfers reported that Atletico rejected a £130m offer from Real Madrid earlier this summer and have pointed to Alvarez’s €500m release clause.
That does not necessarily mean the player cannot leave.
However, it means any interested club is likely to have to pay an enormous amount or convince Atletico to negotiate.
Arsenal have continued pursuing the player despite that resistance.
City entering the race could make the situation even more complicated.
Would Alvarez actually return to Manchester?
The biggest question is whether Alvarez would be interested in returning.
His departure from Manchester City was partly driven by his desire for a bigger role and more consistent starting opportunities.
At Atletico, he has become a central figure.
Returning to City would once again put him in competition with Haaland.
That does not necessarily make the move impossible, but it would require a clear tactical plan from Maresca.
The manager would need to convince Alvarez that he could have an important role even with Haaland remaining the first-choice centre-forward.
Given Alvarez’s quality, there is certainly a footballing argument for doing exactly that.
A potential Arsenal blow that City fans would love
If City were to successfully hijack Arsenal’s pursuit, it would represent a major transfer statement.
Arsenal have been extremely aggressive in the transfer market and have strengthened their squad with the ambition of challenging for major honours.
Taking Alvarez away from them would therefore be significant beyond the player’s individual quality.
It would also add another chapter to the growing rivalry between the two clubs.
City and Arsenal have competed closely at the top of English football in recent seasons.
A £130m transfer battle involving one of Europe’s elite forwards would only intensify that rivalry.
For Arsenal supporters, the possibility of losing Alvarez to City would be particularly painful.
For City fans, it would be a spectacular coup.
The deadline-day factor
The timing of the reported City interest cannot be ignored.
With the summer transfer window approaching its conclusion, there is a possibility that this becomes a genuine deadline-day saga.
Manchester City would have to establish whether Atletico are prepared to negotiate, determine the financial terms and convince Alvarez of the project.
Arsenal are already working on the deal, meaning City cannot afford to move slowly if they are serious.
The situation is also complicated by the player’s reported desire to leave Atletico.
Recent reports have described growing tension between Alvarez and the Spanish club, with the striker’s future becoming increasingly uncertain.
That could potentially make a late move possible.
Man City Julian Alvarez transfer would change everything
For Manchester City, signing Julian Alvarez would be about much more than adding another striker.
It would bring back a player who already understands the club, the Premier League and the demands of competing for major trophies.
It would also give Maresca an elite attacking option capable of playing alongside Haaland or replacing him.
Of course, the financial implications cannot be ignored.
A transfer approaching £130m would be enormous, and Atletico’s stance could make the final price even higher.
For now, the reported interest should therefore be viewed as a developing transfer story rather than a completed deal.
But the possibility alone is enough to make this one of the most fascinating developments of the final days of the window.
If Manchester City really are prepared to hijack Arsenal’s pursuit of Julian Alvarez, the Premier League could be about to witness one of the biggest transfer twists of the summer.
And if Maresca somehow gets Haaland and Alvarez back together at the Etihad, City could suddenly possess one of the most dangerous attacking partnerships in European football.
