Julian Alvarez: Atletico Madrid reject £129m bid from Real Madrid for Arsenal transfer target | OneFootball

Argentine striker has also been linked with Barcelona and PSG

Prior to being re-elected as Real Madrid president, Florentino Perez said he was planning to make a huge bid for a player - but refused to go public with the name.

"I’m going to make an offer to an important Champions League club for a great player that would be the largest amount of money that Real Madrid have paid for a transfer in all of their history, ”Perez said.

“€150m (£130m) at the very least.”

Bayern Munich and France star Michael Olise was the player immediately linked with a move to the Spanish capital, though it has since been revealed the player in question was a lot more close to home.

On Tuesday evening, it was revealed that Real Madrid had made a move for rivals’ star player in Alvarez - who has also been at the centre of interest from Arsenal and Barcelona - but a bid has been knocked back.

Bid rejected: Julian Alvarez

PA

“After studying and evaluating it, Atletico de Madrid has thanked the club for the offer, made within the framework of the good relations existing between both clubs, and has rejected it, referring to the player's release clause.”

It remains to be seen if Los Blancos return with an improved offer for the Argentina international, with it seemingly clear they will have to activate the forward’s release clause - said to be €500m (£431m) - to get a deal done.

Currently, Jude Bellingham is Real Madrid's most expensive signing ever, having paid £109million to Borussia Dortmund back in 2023.