The Serie A side see both sides of loan agreements as Alvarez heads to La Liga while 'keeper Juan Carrizo arrives to the Rossazzurri from Lazio.Catania have agreed to loan Argentine defender Pablo Alvarez to Zaragoza until the end of the season.
The 27-year-old has struggled to impose himself at Catania since his arrival in 2008, making just six Serie A appearances since the start of the season.
He joins Zaragoza with the task of helping the Blanquillos avoid relegation as they sit at the bottom of the table, with a mere 12 points from 20 matches.
Nevertheless, Catania have signed Lazio goalkeeper Juan Pablo Carrizo on a six-month contract, with aim to make a more permanent deal in the summer, depending on performances.
The 27-year-old custodian has been unable to make his mark at the Stadio Olimpico, spending the last two seasons on loan at Zaragoza and River Plate.