The Catalan giants have spent much of the summer trying to prise the Argentina international away from Atletico Madrid, but have so far been met by unwavering resistance.
Atletico's position has remained consistent throughout, in that €150 million-rated Alvarez is not a player they want to lose - and certainly not to Barcelona. Even if circumstances eventually force a sale, their preference would be to send him abroad rather than strengthen one of their biggest domestic rivals.
That stance has left Barcelona increasingly frustrated, but they are refusing to walk away.
Sporting director Deco has now travelled to Madrid for fresh talks with agents involved in the operation as Barcelona look for a breakthrough in negotiations that have reached a critical stage.
The latest round of discussions is viewed a final attempt to establish whether there is any realistic route to completing one of the club's priority deals before the window closes.
Sources with an understanding of the situation believe Barcelona are beginning to accept that there may only be one way to shift Atletico's position.
The growing feeling is that Alvarez himself may soon have to take a more active role if he is to force the move he wants.
Alvarez's preference has been to join Barcelona should he leave Atletico this summer, and that has remained the message communicated throughout the process.
However, Premier League clubs continue to monitor developments closely in case the deal collapses.
Arsenal remain the club best placed to capitalise if Barcelona cannot find a solution. The Gunners have long admired Alvarez and believe they possess the financial strength required to put together a package capable of testing Atletico's resolve should the opportunity arise.
Tottenham are also keeping a watching brief. Their ambition in the market means they would be prepared to explore a proposal if it became clear Barcelona were unable to complete the transfer, with Spurs alert to any shift in the player's situation.
While Barcelona remain firmly at the front of the queue, Alvarez's previous experience in English football means a return to the Premier League cannot be completely discounted.
The spotlight may soon turn to Alvarez himself to decide whether he is prepared to make his next move happen. But Atletico continue to remain calm, and they insist he will not join Barcelona.
Dean Jones is a transfer news and football insider for Flashscore, since 2025. He has been a journalist on leading UK newspapers and websites over the past 20 years, establishing himself as an authoritative and trusted voice in the industry.
