Alvarez has been at City since 2022 after joining Pep Guardiola’s side from Argentinian giants River Plate for around £14m.
The 24-year-old won the Treble in his first season at the Etihad Stadium as City won the Premier League, FA Cup and Champions League.
Alvarez claimed the Premier League once again this season, as well as the FIFA Club World Cup and UEFA Super Cup as the silverware continued to roll in.
However, during his time at City, Alvarez has rarely been the first-choice striking option for Guardiola – thanks to the presence of Erling Haaland – though he has started frequently elsewhere in the final third for the Etihad Stadium club.
The Argentina international – who was part of the squad that won the 2022 World Cup in Qatar and the 2024 Copa America – has scored 36 goals in 103 games for City across all competitions.
Alvarez put pen to paper on a lengthy contract at City which expires in the summer of 2028, so Guardiola’s side know they can demand a sizeable fee for the attacker should any approaches for his services materialise.
Alvarez is currently with Argentina at the 2024 Olympic Games in Paris, but according to reports there are several clubs interested in him, including two in the Premier League.
According to Team Talk, Atletico Madrid are interested in Alvarez as a replacement for Alvaro Morata, who has moved to AC Milan.
Chelsea under new boss Enzo Maresca have also been linked with Alvarez, but now Arsenal have emerged as another English top flight team interested in Alvarez.
Mikel Arteta’s side have form for bringing City players to North London in recent years, having signed Oleksandr Zinchenko and Gabriel Jesus in the summer of 2022 for £30m and £45m respectively.
It remains to be seen where Alvarez will be playing when the transfer window closes, but if he does depart City, the attacker will be quite a signing for any side in world football.
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