The Argentina international still wants to leave the club in the final days of the the summer transfer window after openly stating his exit intentions during the 2026 FIFA World Cup.
Alvarez told media sources at the tournament that he was keen to move on and join LaLiga rivals Barcelona this summer.
However, the defending Spanish champions have not matched Atletico's transfer demands, and they are unlikely to make a renewed bid next week.
Arsenal have since emerged as an option for the former Manchester City attacker - despite a return to England being his second choice - but if he wants to force an exit, Mikel Arteta's Premier League champions could table an offer.
Diego Simeone has confirmed his confidence of Alvarez coming back into the team in an attempt to put the saga behind all involved.
Atletico beat Malaga 2-0 in their opening game of the season last weekend via two goals from substitutes - Alex Baena and debutant Kang-in Lee - and Alvarez may be utilised late on if the hosts need a goal against the Yellow Submarine.