Gyokeres, 27, made the £55 million move from Sporting last summer but hasn’t quite had the desired impact, scoring nine goals in his 27 games.
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According to ESPN, sporting director Andrea Berta is now working on a deal with former club Atletico to sign striker Alvarez, 25.
Berta was the man that signed Alvarez for Atletico from Man City for a reported €95 million and believes his ties to the Spanish club could get the deal done.
It’s understood that Arsenal were interested in signing Alvarez before ultimately settling on Gyokeres.
Competition to sign the 2022 World Cup winner will be fierce, however, with Barcelona and Chelsea both linked with Alvarez.