However, the club has decided not to pursue the transfer, citing Alvarez's release clause as the reason for their decision.

Alvarez is currently with the Argentine national team, preparing for the World Cup, and has been a target for Barcelona for several months.

Atletico Madrid had previously expressed concerns about Barcelona's interest in Alvarez, with the club's president publicly complaining about the "flirtation" with their star player.

The club has chosen not to comment on Real Madrid's formal offer, leaving the situation unclear for now.