Real Madrid suffer blow in pursuit of ‘Galactico’ signing as Atletico reject €150m Alvarez bid

Real Madrid have confirmed that Atletico Madrid have rejected their €150 million bid for Julian Alvarez.

Atletico insist that Alvarez’s €500m release clause must be paid before a deal can be completed.

They had also previously rejected Barcelona’s €100m opening offer for the Argentine striker.

Arsenal and Paris Saint-Germain are also interested in Alvarez, but have not made a formal move.

Madrid president Florentino Perez had promised during his campaign to ‘sign a Galactico like Cristiano Ronaldo and Kaka’ for €150m.

Bayern Munich winger Michael Olise and Paris Saint-Germain midfielder Vitinha have also been touted as Perez’s dream targets.

Perez may not get his Galactico signing this summer

Madrid are unlikely to activate Alvarez’s hefty release clause, casting doubts over a move for him.

Bayern also insist that Olise is not for sale, while a move for Vitinha is unlikely at this stage, further raising doubts about Perez signing his dream ‘Galactico’.

Chelsea are open to selling Enzo Fernandez, who is also on Madrid’s radar. However, his signing would not generate the same excitement as Alvarez, Olise or Vitinha.

Regardless of the result to get a marquee signing, Madrid are expected to be busy in this summer’s transfer window.

They have already agreed deals for Ibrahima Konate and Denzel Dumfries as free agents.

The Spanish giants are also targeting Arsenal’s Riccardo Calafiori and Manchester City’s Josko Gvardiol for the left-back role.

A decision is also expected to be made on whether to trigger Nico Paz’s €9m buy-back clause. Incoming manager Jose Mourinho has made the Argentine youngster one of his ‘priority‘ targets.