Julian Alvarez has returned to Atletico Madrid for pre-season duties as speculation intensifies over a potential blockbuster transfer involving Barcelona, Arsenal and Paris Saint-Germain.
The Argentina international reported back in Madrid on Monday following his post-World Cup break and is undergoing fitness and medical assessments before rejoining Diego Simeone’s squad.
Alvarez was among the final group of Atletico players to return after the World Cup, alongside Alex Baena, Marcos Llorente and goalkeeper Juan Musso.
The quartet are undergoing medical examinations at the High-Performance Sports Medicine Center at the Vithas Madrid Arturo Soria University Hospital.
Once those assessments are completed, they are expected to link up with their teammates at Atletico’s Majadahonda training base.
However, Alvarez and the other late arrivals will initially follow programmes suited to their individual fitness levels because much of the Atletico squad has already been working through pre-season.
The striker’s return also brings his uncertain future back into sharp focus.
Barcelona remain strongly interested in Alvarez, with the 26-year-old understood to favour a move to the Catalan giants if he leaves Atletico this summer.
Atletico, however, have shown little appetite to sanction his departure and their position creates a major obstacle for Barcelona.
Sky Sports News reports that Atletico are particularly reluctant to sell Alvarez to their La Liga rivals, with relations between the two clubs strained after Atletico felt they had been disrespected by Barcelona during the saga.
That could potentially open the door for Premier League giants Arsenal or French champions Paris Saint-Germain if Alvarez ultimately pushes to leave Madrid.
Both clubs have shown long-term interest in the former Manchester City forward, and Atletico are believed to prefer selling him outside Spain if keeping him becomes impossible.
Arsenal’s interest is particularly intriguing given Alvarez’s previous experience in English football.
The Argentine joined Manchester City from River Plate before establishing himself as an important member of Pep Guardiola’s squad. He later moved to Atletico in August 2024 on a six-year contract in a deal reportedly worth up to €95 million.
He has since become a key figure for Atletico. During the 2025-26 campaign, Alvarez was the club’s leading scorer across all competitions with 20 goals.
For now, Alvarez is officially back at work with Atletico.
What happens away from the training pitch could prove considerably more significant.
With Barcelona still interested and Arsenal and PSG among the potential alternatives, discussions over the striker’s future are expected to remain a major feature of the closing weeks of the summer transfer window.
