The Argentinian has continued an ascent that began at River Plate and took in a period at Manchester City before the move to Los Rojiblancos.
Impressive figures
Ahead of the final international match of the year, in which he and Argentina face Angola, Alvarez has scored nine goals and provided five assists for club and country in 18 appearances across all competitions in 2025/26.
Since 2018/19, his totals of 66 goals and 24 assists in 154 league games started are particularly impressive when one considers just how often he had to play second fiddle to Erling Haaland on the blue half of Manchester.
The numbers are even better when factoring in domestic cup competitions (29G, 17A in 69 games), international cup competitions (33G, 14A in 72 games) and matches for Argentina (19G, 7A in 78 games).
When Atleti paid £81.5m (plus add-ons) for his services, it was a costly acquisition, but the way in which Alvarez quickly adapted to a more physical and demanding style of play is to his great credit.
Whether as a main striker, playing off Alexander Sorloth in a big-man, little-man combination, or dovetailing with Antoine Griezmann, the diminutive number 19 has barely missed a beat.
It's perhaps with that in mind that the vultures are already circling.
Chelsea set to offer €150m for Alvarez
Barcelona are believed to be long-term admirers of the player, and following in the footsteps of his countryman Lionel Messi would surely be tempting for Alvarez.
However, the Catalan giants' financial issues have been well documented, and there's little chance of a switch to the Spotify Camp Nou taking place anytime soon, if at all.
Recent reports have suggested that Club World Cup winners Chelsea will look to make a play for the striker by lodging a bid in the region of €150m next summer.
It's said that the West London outfit will lean on Alvarez's international teammate and Chelsea vice-captain Enzo Fernandez to persuade his countryman to move back to the Premier League.
Eight attackers at the Bridge already
What isn't clear at this stage is whether Atleti have any desire to cash in, though an English record fee - €150m equates to approximately £132m - could well be tempting for the Spaniards.
Even with transfer fees exponentially rising year on year, they'd be unlikely to receive such a sizeable offer in the future, and that type of money would allow them to strengthen in other areas of the squad too.
From Chelsea's point of view, they already have Liam Delap, Joao Pedro, Pedro Neto, Estevao, Marc Guiu, Alejandro Garnacho, Jamie Gittens and Tyrique George to fill the positions across their attack.
Assuming Enzo Maresca sticks to a front three, that's five players already stuck on the sidelines even before adding Alvarez into the mix.
Continuity is key
There's some justification of course to the Blues clearing the decks to an extent, and that's something that's happened ever since Clearlake took over the club from Roman Abramovich.
However, if the owners genuinely want the club to become serial winners of the biggest domestic and European trophies, then it's incumbent upon them to give their manager a settled squad and not one that appears to be pillaged each time a transfer window opens up.
There's a very real sense of players at the club just being pawns in the wider game being played off the pitch, and that can't be good for any sort of continuity.
The Premier League table appears to reveal that the first team are doing just fine at present too, sitting as they are in third position in the table.
However, looking at it in more detail, it becomes apparent that if results were to go against them, any clubs from Crystal Palace in 10th can leapfrog them with one win. Everton, who are way down in 13th position, are only five points behind.
Never say never
Alvarez would, of course, be an asset to any team, and it's perfectly understandable why Chelsea would be interested in bringing him to the capital.
There has to be so much thought put into whether this is the right approach first and foremost, and then the right move, not just a move because Chelsea can flex their financial muscles.
Alvarez brings goals, assists and creativity, but so does Joao Pedro, for example. He can play off the main striker, but so can Pedro Neto. He can drop deep to receive and beat players for fun, but so can Liam Delap.
Ultimately, any final decision will be with the player himself, and a steadfast refusal to talk to the press about transfers, particularly as we approach a World Cup year, speaks volumes.
In football, you can never say never though, and there's plenty of time yet for a deal for this particular transfer to be put together to the satisfaction of all parties.
