Los Rojblancos saw their summer dominated by speculation over Barcelona and Arsenal chasing Alvarez following his declaration that he wanted to leave the club during the 2026 FFA World Cup.
His exit push fell short, as Atleti refused to sell to Barca, and Arsenal opted against making a formal offer.
The next player emerging for a possible exit at the Estadio Metropolitano is Alexa Baena after a starring role for Spain in their World Cup triumph.
The 25-year-old is under contract in Madrid until 2030, and Diego Simeone views him as a vital and versatile squad member, after a solid 12 months in Madrid following hiis move from Villarreal.
Despite spending over £200M on a new midfield this summer, reports from Football Insider claim Baena is on Manchester City's transfer radar, as Enzo Maresca searches for a Bernardo Silva successor at the Etihad Stadium.
However, the interest will be rejected by the LaLiga giants, in a similar stance to their firmness on Alvarez.