Barcelona have seemingly drawn the curtain on their pursuit of Julián Álvarez after sporting director Deco declared the Atlético Madrid striker’s transfer saga “in the past”.
The Spanish champions spent much of the summer exploring a deal for Álvarez, but Atlético refused to negotiate despite Barça submitting an offer worth more than €100 million.
With Barcelona’s financial restrictions also making another major January move difficult, Deco has now indicated that the club are looking in a different direction.
“Julián Álvarez is the past,” Deco said at the Portugal Football Summit this week.
“Barcelona now have to look forward. It wasn’t possible in the end. We made an offer. [Atlético] said they would not transfer him and we had to look for other solutions.
“I hope things go well for him and that he can help his club.”
Barcelona eventually turned to Gabriel Jesus after failing to prise Álvarez away from Atlético before the summer window closed.
However, the Brazil international has not been the main solution to the club’s attacking needs so far.
Instead, Raphinha has been converted into a central striker following the departures of Robert Lewandowski and Ferran Torres.
The switch has produced spectacular early results, with Raphinha scoring 14 goals in eight appearances this season.
His form has subsequently reduced the urgency surrounding Barcelona’s search for another forward when the January transfer window opens.
Financial restrictions could also make a move for Álvarez particularly complicated.
Barcelona treasurer Ferran Olivé recently explained that the club could make additions in January, but only within the limits imposed by LaLiga’s financial regulations.
“We can make signings in January because the financial situation is positive now, but we would probably have to sell first,” Olivé said.
“That’s how the rules work in LaLiga. For someone to come in, others have to leave. We have a small excess [within the league-imposed spending cap] of around €3-4m ($3.4m-4.5m,) which would allow us to do a small deal.”
Olivé was then asked whether Barcelona could still find a way to finance a move for Álvarez.
His response suggested the numbers currently do not work for the Catalan giants, with an operation for the Argentina international described as something that “would not fit” at the moment.
Álvarez, 26, has also endured a difficult start to the campaign at Atlético after publicly expressing his desire to leave the club during the summer.
The situation became even more uncomfortable when Atlético supporters jeered the striker during their home fixture against Villarreal in August.
The Argentina forward has made four appearances for Atlético this season, but he has started only one of those matches.
That represents a significant change from his first two campaigns in Madrid, when Álvarez was a regular part of Atlético’s attack following his 2024 move from Manchester City.
For now, Barcelona appear ready to move forward without him.
With Raphinha delivering in an unfamiliar central role and the club operating under strict financial limits, the Álvarez pursuit has lost much of its momentum.
Deco’s message is clear: Barcelona made their move, Atlético rejected it, and the Catalan club are now looking at other solutions.
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