Diego Simeone opted to name Alvarez on the bench for today's LaLiga home clash with Villarreal after a controversial summer for the former Manchester City striker.
Alvarez openly stated his desire to leave Madrid whilst away on international duty at the 2026 FIFA World Cup with the firm indication that he wanted to join defending Spanish champions Barcelona.
However, Barcelona have not matched Atleti's expectations, with club officials demanding in excess of €150M to even consider a sale.
La Blaugrana are not in a position to match that type of figure with Arsenal the only realistic option to put forward a possible bid.
Mikel Arteta is a fan of Alvarez and the Gunners are keen to bring in a world class attacker for the 2026/27 campaign - but time is running out before the transfer window closes - and Simeone is determined to keep his fellow Argentinian.
Atletico president Enrique Cerezo has now ended the debate and fired a jibe at Barcelona's lack of financial power in the process.
"After a fairly complicated summer, marked by constant questions about Julian Alvarez, the fact remains that he's an Atletico Madrid player.
"He's always been an Atletico player. We never had any intention of selling him. Barcelona were not capable of rising to the occasion and doing what is normally done in this kind of situation."