Real Madrid announced on Wednesday that they have submitted a formal offer of €150 million to Atlético Madrid for Argentine striker Julián Álvarez.
The club's official statement read: "Following today's board meeting, the club has submitted an offer of €150 million for the federal rights to the player Julián Álvarez."
Atlético Madrid officially rejected the offer, citing the player's €500 million release clause.
Álvarez, 25, is set to join Atlético Madrid from Manchester City in the summer of 2024, and his contract with the Spanish club runs until 2030.
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