Alvarez has been at the centre of huge transfer speculation all summer following his statement during the 2026 FFA World Cup that he wanted to leave Madrid this summer.
Transfer offers from Real Madrid and Barcelona have since been rejected by Atleti as a war of words has escalated in recent days.
Barca president Joan Laporta has insisted his offer remains on the table if Atleti want to negotiate, but Los Rojiblancos have stated there's '0% chance' of the club selling Alvarez to the defending Spanish champions.
Arsenal have remained active over their links to Alvarez, despite rumours of the Argentinian not wanting a return to Premier League football, due to family reasons.
Mikel Arteta is rumoured to be considering on final pitch to Alteti, which would see Viktor Gyokeres and Gabriel Jesus offered in exchange for Alvarez, as per The Independent.
However, their combined value only reaches around €85M, which is just over half what's been demanded as an outright fee for the 26-year-old.