Real Madrid's 150 million euros bid for Atletico Madrid striker Julian Alvarez rejected

The bid was the first major move by Real president Florentino Perez since securing re-election until 2030 on Sunday. Perez had promised during his campaign that he would make a blockbuster signing, with many expecting the club to target one of Europe's most sought-after attackers.

Following a board meeting on Tuesday, Real confirmed that they had formally approached their city rivals for Alvarez, only to be rebuffed.

"We announce that, following the meeting of the board of directors held today, the club made an offer of 150 million euros to Atletico Madrid for the federative rights of Julian Alvarez," Real said in a statement.

"After reviewing and evaluating the offer, Atletico de Madrid thanked the club for the proposal made within the framework of the good relations between both clubs, but rejected it, referring to the player's release clause."

Atletico's stance comes as little surprise given Alvarez's importance to Diego Simeone's side and the fact that the striker remains under contract until June 2030. The former Manchester City star reportedly has a release clause worth 500 million euros.

The Madrid club wasted little time responding publicly, taking aim at their rivals on social media.

"You must have confused education with gratitude, but to leave no doubt: we don't thank you for anything," Atletico posted.

"We neither study nor consider any offer for Julian. How could we not get along with you when you make us laugh even more than Barcelona do."

In another pointed message, Atletico added: "Taking advantage of the good relationship with your new president, let's see if you stop 'stealing' players from our Academy."

Alvarez has emerged as one of the hottest properties in European football following an impressive campaign in which he scored 20 goals in 49 appearances across all competitions. The 26-year-old netted eight times in LaLiga and added 10 goals in the Champions League as Atletico reached the semi-finals before being knocked out by Arsenal.

A World Cup winner with Argentina in 2022, Alvarez joined Atletico from Manchester City in 2024 and is expected to feature for his country at the 2026 World Cup.