The Argentina international shocked the club during the 2026 FIFA World Cup after a public declaration over wanting to leave.
Alvarez told media sources he was keen to move on and join LaLiga rivals Barcelona.
That stance has not changed from Alvarez's perspective, despite head coach Diego Simeone and club CEO Miguel Angel Gil Marin confirming their intention to block any offers, and reintegrate the striker back into Atleti's plans.
Alvarez is training with Simeone's squad and could feature in today's home clash with Villarreal.
Barcelona are not willing to pay over €100M for the former Manchester City attacker - but despite previously not being interested in a move back to England - he could now be open to joining Arsenal.
The Gunners could make a bold move for him before the end of the month and reports from Diario AS claim Alvarez's increasingly 'unsavoury' relationship in Madrid has forced a change.