
The Argentine centre-forward has been linked with a move away from the Mattress Makers this summer, with Arsenal and Barcelona emerging as potential landing spots.
However, any likelihood of playing in fresh surroundings for 2026/27 seemed to be dashed earlier this summer when it was confirmed that the 26-year-old would not be sale to any club for a penny less than his £428million (€500m) release clause.
That's despite Alvarez speaking publicly about his desire to explore his options elsewhere and meeting with manager, Diego Simeone, about his future.
That ultimately hasn't gone down very well with fans of the club, who were quick to vent their feelings during Atletico's match with Villarreal on Sunday afternoon.
Alvarez was omitted from his team's 2-0 win over Malaga in their La Liga opener on Wednesday, but made his grand return to Simeone's side against El Submarino Amarillo - albeit, demoted to the bench with Adeola Lookman and Lee Kang-in leading the line.
And as the striker walked out of the tunnel and toward his spot on the sidelines while his name and face was shown on the line-up board, a chorus of deafening jeers and whistles erupted toward him from a portion of the 70,692 supporters inside the stadium.
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Whether Alvarez will be able to regain trust from Atletico Madrid fans in the coming weeks remains to be seen, although Arsenal remain interested in a move ahead of next month's transfer deadline.
Having missed out on signing Vinicius Junior from Real Madrid, the Gunners still have a sizeable war chest to utilise how they see fit.
However, with Alvarez unsure about a potential return to the Premier League, Arsenal have other players that they could pursuit to bolster their attacking line.
Victor Osimhen has emerged as one potential candidate, with Foot Mercato claiming that negotiations are underway with Galatasaray for the Nigerian goalscorer.
With interest also coming in from North London rivals, Tottenham Hotspur, as well as a sizeable salary of around £17.1m to compete with at present, a deal may not be straightforward for the 27-year-old, who has thrived in the Turkish Super Lig since his arrival last summer.