Real Madrid confirm £130m bid for Julian Alvarez rejected as Atletico Madrid hit back with 'you make us laugh' statement, Alvaro Arbeloa departs

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Real Madrid have confirmed that a £130 million bid to sign Julian Alvarez from their city rivals Atletico has been swiftly rejected, while officially announcing the departure of Alvaro Arbeloa as head coach.

Carney: Alvarez 'the most complete centre-forward in football'

Video credit: TNT Sports

Two days after Florentino Perez was re-elected as the club’s president - having promised the signing of a huge name during his campaign - Madrid submitted a bumper offer of €150m (£130m) for the former Manchester City forward.

But Atletico have said that Alvarez, who is already with the Argentina squad before beginning their defence of the FIFA World Cup, is not for sale. Although he does have a release clause, reportedly set at €500m (£430m).

In a statement on Tuesday evening, Real Madrid said: ”Real Madrid CF announces that, following the meeting of the Board of Directors held today, it has made an offer of 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez.

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”After reviewing and evaluating the offer, Club Atletico de Madrid has expressed its gratitude for the proposal, made within the framework of the good relations between both clubs, and has rejected it, referring to the player's release clause.”

Atletico later responded with four clarifications in a statement on social media that was accompanied by a series of crying laughter emojis.

They wrote: "1. Your video of the Pope got cut off before he said he was also an Atleti fan. 2. You may have confused politeness with gratitude, but just to be clear: we don’t thank you for anything. 3. We are neither considering nor evaluating any offer for Julian. 4. How could we not get along, when you make us laugh even more than FC Barcelona?"

It is unclear whether Real will now return with an improved offer.

Having ended a second consecutive trophyless season, Perez is set to bring Jose Mourinho back as head coach this summer, in addition to strengthening a squad that has trailed Barcelona domestically and been unable to reach the latter stages of the UEFA Champions League.

Speaking to Spanish TV station Horizonte last week, the 79-year-old said an offer would be made for a ”great player” with speculation rife that it would be Bayern Munich winger Michael Olise.

Perez, denying any interest in Manchester City pair Jeremy Doku and Erling Haaland, said: "On Tuesday or so, I'm going to make an offer to a major Champions League club for a great player.

"It would be the largest transfer fee Real Madrid has ever paid in its history. Olise is a great player, but it's not Olise. It's not Doku either.

Real Madrid president Florentino Perez was re-elected in a landslide victory.

Image credit: SNTV

"We're going to make a significant offer, at least around €150m. He needs to be a player from midfield who can go forward. And it's not Haaland.

"The player is not from the Premier League. And the first thing we'll do is talk to the club. It's a signing meant to generate excitement because that's what it's all about, generating excitement."

Alvarez, meanwhile, has also been linked with a switch to Barcelona and Premier League champions Arsenal. His Atletico deal runs until the summer of 2030, having joined from Manchester City in 2024 for £81.5m.

He scored 20 goals and provided eight assists across all competitions in the 2025/26 season as Atletico finished fourth in La Liga and reached the Champions League semi-finals, where they lost 2-1 on aggregate to Arsenal.

Arbeloa departure confirmed

Real confirmed later on Tuesday that Arbeloa, who had replaced Xabi Alonso midway through the season but could not secure any silverware, and club bosses had "reached an agreement to end his tenure as the first-team coach."

The departure of the former full-back had been expected for several weeks with the wheels in motion for Mourinho to return.

But Los Blancos extended thanks to Arbeloa, adding: "Real Madrid is deeply grateful to Alvaro Arbeloa, who throughout his career at the club, from the time he joined our academy, has always demonstrated loyalty, commitment, and professionalism. His persona is a true example of the values of our club.

"Real Madrid, which will always be his home, wishes Alvaro Arbeloa and his entire family the best of luck in this new chapter of their lives."

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