Paris Saint-Germain have reignited their pursuit for Atletico Madrid start forward, Julian Alvarez. With Luis Enrique pushing for a dynamic No. 9 and Alvarez open to a Ligue 1 switch, PSG believe he is the missing piece in their evolution. But Atletico’s massive €120m valuation threatens to turn the chase.

PSG rekindle their push for Alvarez

Alvarez’s name has re-emerged at the top of PSG’s agenda, and this time, the French champions believe the door is wider than ever. Earlier this month, Alvarez revealed to in an interview with L'Equipe that PSG had already attempted to sign him back in 2024 when he left Manchester City. Even though he ultimately chose Atletico Madrid, the conversations with PSG were real and serious, and that interest has not faded.

As reported by Sacha Tavolieri, Luis Enrique remains an enormous admirer of Alvarez’s all-round ability, his pressing intensity, positional intelligence, and capacity to operate both as a central striker and a roaming second forward. PSG want a new long-term No. 9, and Alvarez fits the profile exactly. Crucially, the Argentine is open to the move and is not considering a Premier League return despite interest from England.

The only obstacle are Atletico, who have placed a €120m (£105m/$139m) valuation on him, a fee PSG view as excessive. While agreeing personal terms with the Argentinian would be straightforward, negotiating with Los Colchoneros may prove to be the real challenge.

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After joining City from River Plate, Alvarez grew into one of Europe’s most efficient forwards despite playing behind Erling Haaland. His two seasons under Pep Guardiola produced six major trophies, including a historic treble, and he contributed 36 goals in 103 matches. The 25-year-old even achieved the unprecedented feat of winning the Premier League, FA Cup, Champions League and World Cup in the same campaign.

But Alvarez wanted a platform where he could start every week, and Atletico gave him that. Since his €75m (£66m/$87m) move in 2024, he has repaid the investment with astonishing productivity with 29 goals and eight assists in his first full season, and already nine goals with four assists in 15 matches this year. His adaptability across attacking positions, ability to press from the front, and instinct for decisive moments have made him one of LaLiga’s standout performers.

Alvarez has also admitted that life in Spain keeps him in constant headlines, especially with Barcelona rumours swirling around. But when asked about PSG, he confirmed there were serious talks during his Atletico move and that he has never ruled out joining the French giants in the future.

Will PSG break the bank for Alvarez?

While Alvarez is open to the move, Atletico’s stance complicates the entire pursuit. The club believe his development, goal output, and contract running until 2030 justify their €120m asking price. PSG disagree and view that valuation as steep, especially since they want to strengthen other positions in the summer.

Coach Enrique’s admiration only intensifies PSG’s motivation. Enrique’s system often functions without a traditional centre-forward, as seen when Ousmane Dembele operated as a false nine during PSG’s treble-winning season. Gonçalo Ramos has not cemented the role, leaving a natural opening for a striker who offers high pressing, tactical fluidity, and intelligence between the lines. Alvarez embodies all of that, a forward who works tirelessly, links play beautifully, and strikes decisively.

PSG see him as a transformational signing. Atletico see him as non-negotiable unless a massive bid arrives. And Alvarez finds himself right in the middle, willing to listen if Paris make their move.

AFPWhat's next for Alvarez?

For Alvarez, the next step is about choosing the environment that maximises his long-term growth. He has already proven himself in England and Spain, winning trophies and delivering world-class performances in two very different systems. A move to PSG would hand him the keys to the No. 9 role under a coach who values his exact attributes and sees him as the centrepiece of the next attacking cycle.

But staying at Atletico also has merit, he is thriving, scoring freely, and is firmly trusted by Diego Simeone. The question is whether Atletico’s conservative, counter-attacking approach limits his ceiling compared to the technical, possession-heavy football Enrique offers.

What is clear is that Alvarez is entering his peak years. His next move or decision to stay will define the next chapter of his career.