Alvarez has been identified by Barcelona as a long-term replacement for Robert Lewandowski. Having grown up idolizing Lionel Messi at Barcelona, Alvarez is seen as someone for whom agreeing personal terms would not be difficult. Other names such as Erling Haaland, Serhou Guirassy and Etta Eyong have been discussed, but with it being an election year at Barcelona, Alvarez presents the strongest credentials for club president Joan Laporta.
Alvarez joined Atletico Madrid from Manchester City for €75 million (£65m/$84m) in search of more first-team opportunities after being second choice to Haaland. In his first season, he scored 24 goals and provided five assists across all competitions, helping Atletico secure third place in La Liga. However, Atletico were eliminated from the Champions League by rivals Real Madrid in a penalty shootout, amid controversy over Alvarez allegedly double-touching the ball before his penalty, which he then missed on the retake. The club also reached the semi-finals of the Copa del Rey, narrowly missing out on the final after a 5-4 aggregate defeat.
Alvarez has enjoyed a red-hot start to the 2025-26 season, scoring seven goals and providing three assists across all competitions. Despite being accused of bad-mouthing Diego Simeone, Alvarez dismissed the claims, saying it was merely frustration after being substituted. Now, former Argentina and Atletico striker Sergio Aguero has praised Alvarez for his performances this season.

