Julian Alvarez is reportedly refusing to extend his contract with Atletico Madrid.

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FC Barcelona target Julian Alvarez has effectively opened the door to a potential exit this summer by refusing to extend his contract with Atletico Madrid according to MARCA and various other outlets in Spain.

Alvarez joined the Rojiblancos from Manchester City in 2024, and penned a contract until 2030 when switching between the Premier League to La Liga.

After an impressive breakout season, though, followed up by a worthy sophomore effort in 2025/2026, Alvarez has caught the eye of Spanish champions Barca and their recently-crowned English counterparts Arsenal.

Aware of this, Atleti are currently attempting to tie Alvarez down further past 2030. It wants to make him the highest paid player in the squad on $11.6 million (€10 million) a year, alongside veteran goalkeeper Jan Oblak.

Until now, however, Alvarez hasn’t responded to that proposal which is being taken as a sign of his intentions.

According to MARCA, ex-Barca director of football Mateu Alemany, who now holds that function at the Metropolitano, is aware that the World Cup winner “aspires to a better project than the one he understands can be offered at Atletico”.

He may find it at Barca, who have won five out of the six Spanish trophies on offer last summer. It’s also worth nothing that it was Diego Simeone’s men which knocked the Catalans out of the Copa del Rey and Champions League this term, though, at the semifinal and quarterfinal stages respectively.

At Barca, however, Alvarez would be guaranteed to compete for top honors each season amid a feeling that Hansi Flick is only just getting started with a young squad boasting plenty of potential.

As Robert Lewandowski is set to leave the Spotify Camp Nou on June 30 when his contract expires, the number 9 shirt and role is vacant waiting to be filled.

A major sticking point is the transfer fee, though, which is where Arsenal would be able to see off Barca with ease.

Alvarez has been valued at more than $200 million but as relatively low as $150 million. Yet for a club still battling to return to the 1:1 rule under Financial Fair Play limits, both those sums are a lot of money for the Blaugrana, who might have to end up settling for Ferran Torres as their lead attacker.