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Real Madrid have had a 150 million euro (£130m) bid for striker Julian Alvarez rejected by city rivals Atletico Madrid.
Real president Florentino Perez had last week promised to submit a 150 million euro offer for an unnamed "galactico" signing if he was re-elected to the position.
After successfully retaining control on Sunday, Perez followed through on his promise with a formal approach for the 26-year-old Argentina international.
However, the bid was rejected by Atletico Madrid, who pointed to Alvarez's release clause of 500 million euros (£430m) as the reason for turning it down.
In a statement, Real Madrid said the offer had been submitted after a board meeting and involved the federative rights of the player.
Atletico Madrid responded by thanking Real for the approach and confirming the rejection citing the player's clause and the terms of their valuation.
The club did not issue any further comment on the matter.
Alvarez, who joined Atletico Madrid from Manchester City in 2024 for a reported £81.5 million, has quickly become a key figure for the Spanish side.
He scored 20 goals in 49 appearances last season as Atletico finished fourth in La Liga and reached the Champions League semi finals.
His performances have strengthened Atletico's stance, with the club determined to keep him despite growing interest from rival teams across Europe.
Real Madrid are expected to continue monitoring elite attacking options ahead of future transfer windows.
While the bid has been rejected, the situation highlights Real Madrid's ongoing strategy of pursuing high profile forwards as part of their long term squad planning under Florentino Perez.
Alvarez remains under a long term contract at Atletico Madrid, and the club view him as central to their attacking project going forward.
Real Madrid's approach is expected to intensify speculation across Europe, particularly given Alvarez's strong form since his move from the Premier League.
The transfer saga is likely to continue as both clubs navigate their rivalry in the Spanish capital.
Further developments may depend on future negotiations, player performance, and whether Real Madrid decide to increase their offer or target alternative strikers in upcoming windows.
For now, Atletico Madrid maintain their stance that Alvarez is not for sale and will remain part of their long term plans.
We will monitor the situation as the transfer window develops across Europe.
Further updates are expected soon.
