Arne Slot stood on the sidelines at Anfield, the bright red of Liverpool surrounding him, the echo of thousands of fans singing and chanting making the ground shake as if the whole stadium was alive. Across Europe, in Madrid, another figure stood in black, intense, fiery, the man who never stopped kicking and shouting from his technical area, Diego Simeone. Two managers in two very different worlds, yet now connected by one name, one player who had found himself caught in the middle of a transfer story that had the potential to shake football again. That player was Julian Alvarez, the Argentine forward who once wore the light blue of Manchester City but now carried the badge of Atletico Madrid on his chest. He had missed Atletico’s recent defeat at Anfield, but his name was still being whispered inside the corridors of power at Liverpool Football Club.
Liverpool had already shocked the footballing world with the way they moved in the summer transfer window. Over £420 million was spent, a figure that made even the biggest clubs in Europe raise their eyebrows. Florian Wirtz arrived in a deal worth £116 million, breaking the Premier League record at the time, only for Liverpool to go bigger and sign Alexander Isak for £125 million, breaking their own record again in a matter of weeks. Then Hugo Ekitike arrived, another forward to add to the attacking arsenal that Slot was putting together. The rest of the Premier League could only look on with mixed emotions – some in fear, some in disbelief, and some in envy.
But Liverpool, under Slot, were not acting like a club satisfied with what they had. They wanted more. They wanted to dominate not just England but Europe too. And so, whispers began to rise. The name Julian Alvarez was mentioned. Some fans smiled at the thought of the World Cup winner joining their already star-studded attack. Some laughed, calling it unrealistic. And some felt a strange mix of hope and doubt. Because Alvarez, now at Atletico Madrid, was not just any player. He was one of Simeone’s warriors, a player who had embraced the grit and grind of Spanish football while still carrying that natural flair and finishing that made him special.
Former Manchester United chief scout Mick Brown had even admitted earlier this year that Liverpool were watching Alvarez closely. He had been on their list, a target for the future, someone who could fit into their system. But lists change in football. One week a player is your top priority, the next week he becomes almost impossible because of how quickly things move in the transfer market. And now, with Isak and Ekitike already secured, the chance of Liverpool making another move for a forward looked slim.
Pete O’Rourke, a respected transfer correspondent, revealed on Football Insider’s Inside Track podcast that while Alvarez was on Liverpool’s list, the chances of a deal were “highly unlikely” now. The price, the timing, the competition, and Atletico Madrid’s determination to keep him all made the transfer a mountain too steep to climb. “It would be a surprise if Liverpool were to pursue a move for Alvarez,” O’Rourke explained. “He was on their list, but that was before they signed Isak. Now they’ve also got Ekitike, that’s two forwards already brought in to bolster the attack. It looks a real difficult deal to do now just due to the finances involved.”
And there was the biggest problem of all: money. Alvarez was under contract at Atletico Madrid until 2030, a long-term deal that gave Simeone’s club complete control. They valued him at over £100 million, and with every passing season his importance to the team grew. Simeone didn’t just see Alvarez as another player – he saw him as a key man, someone he could trust, someone who fought for the badge the way he demanded. The Metropolitano faithful adored Alvarez too. The chants of his name rang out whenever he stepped onto the pitch. Selling him was not something Atletico wanted to do.
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For Liverpool, this made things almost impossible. They had already spent heavily in the summer, and the word around Anfield was that spending on that level again would not be possible in the next windows. Sources revealed that the Reds were unlikely to “spend big” in 2026 because of the £420 million splashed this year. While some fans still called for reinforcements in midfield and defence, the hierarchy were determined to tighten the purse strings. Alvarez, for all his talent and for all his potential, was simply too expensive for a club that had already gone on one of the biggest spending sprees in Premier League history.
But there was still that little detail. Alvarez was still on Liverpool’s list. That doesn’t mean they are buying him tomorrow, but it means he hasn’t been forgotten. Clubs keep lists for years, updating them, crossing names off, adding others. Once you’re on the list of a club like Liverpool, you never fully leave. Circumstances can change. A player can force a move. A manager can insist. A rival club can swoop in and suddenly things become urgent. That is why Alvarez’s name keeps popping up.
Atletico fans would laugh at the idea. To them, Alvarez was a cornerstone of their present and their future. Simeone had built a reputation for refusing to let go of players he considered vital, fighting with boardrooms, agents, and even players themselves to make sure his vision was never compromised. He had already lost too many stars in the past, players who went elsewhere chasing money or trophies. But Alvarez, he believed, was different. He was loyal, he was committed, and he was willing to fight for Atletico’s shirt. That is why the asking price is £100 million, because only an insane offer could even make them listen.
On Merseyside, Arne Slot understood the reality. His squad was already stacked. Isak was seen as the new centrepiece of the attack, a striker who could lead the line for years. Ekitike was brought in as another option, young, hungry, and with room to grow. Wirtz was expected to be the creative genius, the spark between midfield and attack. Alongside them were still proven stars like Mohamed Salah, Diogo Jota, Luis Diaz, Darwin Nunez, and Cody Gakpo. It was a forward line that any club in the world would envy. Did they really need Alvarez? The question was hard to answer, because in football, the word “need” can change in an instant. One injury, one departure, one bad season, and suddenly that player you thought was unnecessary becomes essential.
Fans debated it online, in pubs, on radio shows. Some argued Liverpool should forget Alvarez and focus on strengthening defence and midfield, especially after Giovanni Leoni’s injury left them short at the back. Others argued that Alvarez was too good to ignore, that opportunities like this only come once in a while, and that Liverpool should act before another rival swoops in. Manchester United, Chelsea, Real Madrid, Barcelona – all could come back for Alvarez in the future. Could Liverpool afford to just stand by and watch?
The reality, though, was clear: Liverpool had already done their big spending. Their summer was one of fireworks and history, and now came the period of balance and patience. The Alvarez story may never completely go away, but unless something changes dramatically – either in finances or in Atletico’s stance – it is a transfer that will remain a dream rather than reality. Alvarez will continue to fight for Simeone in Madrid, while Slot will continue to build his Liverpool empire with the tools he already has.
Still, football is a strange game. Just a few years ago, nobody imagined Julian Alvarez would leave Manchester City so early, yet here he was in Madrid, thriving under Simeone. Just a few years ago, nobody imagined Liverpool would break the Premier League transfer record twice in one summer, yet they had. Just a few years ago, nobody imagined Klopp would leave and Arne Slot would be the man to carry Liverpool forward, yet it had happened. And so, while the Alvarez deal looks impossible today, tomorrow could be different. Football never stays still.
For now, though, the message was simple. Alvarez remains admired at Liverpool, but the price is too high, the timing is wrong, and the squad is already overloaded. He is a name on the list, but not a name at the top. Atletico Madrid fans can rest easy for now, because Simeone’s soldier is not leaving. Liverpool fans, meanwhile, can keep dreaming, because in football, dreams sometimes come true when you least expect them.
