Real Madrid have announced they had a €150m bid for Julian Alvarez rejected by Atletico Madrid.

Los Blancos president Florentino Perez revealed last week the club would bid €150m for a 'Galactico' level star, who many assumed to be Bayern Munich's Michael Olise at the time.

Alvarez has been linked with Madrid's Clasico rivals Barcelona this summer, with Arsenal also reported to have an interest in the Argentina international.

The 26-year-old directly contributed to 29 goals (20 goals, nine assists) in 49 games for Atleti in 2025-26 (not including the Club World Cup), the fifth-most among LaLiga players.

Real Madrid released a statement on Tuesday which read: "Real Madrid C.F. announces that, following the meeting of the Board of Directors held today, it has made an offer of 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez.

"After reviewing and evaluating the offer, Club Atletico de Madrid has expressed its gratitude for the proposal, made within the framework of the good relations between both clubs, and has rejected it, referring to the player's release clause."

Alvarez is reported to have a €500m release clause in his contract, though it is said to be lower for clubs in the Champions League.

The former Manchester City forward scored 10 goals and provided four assists in the Champions League last season as Atleti reached the semi-finals of the competition.

Only Kylian Mbappe, Harry Kane and Khvicha Kvaratskhelia (all 16) directly contributed to more goals in the Champions League last season than Alvarez.

Alvarez is reportedly seeking a move away from the Metropolitano this summer, though Atleti are holding their ground around a deal for the striker.