Julián Álvarez dreams of Barcelona: How could Barça afford the Atlético Madrid star?

Julián Álvarez wants to play for Barcelona. Whether Barcelona can actually make it happen is another story entirely.

That’s the picture emerging around the Argentine star’s future as the summer transfer market heats up in Spain. AS has learned that Álvarez dreams of wearing the famous Blaugrana jersey, but Atlético Madrid still sees “La Araña” as a cornerstone of its 2026-27 project. The club has received no formal offers and believes it will be extremely difficult for Barcelona to finance a deal that would likely exceed $115 million, especially if they complete the signing of Anthony Gordon.

Álvarez’s agent, Fernando Hidalgo, met with Barcelona sporting director Deco in Barcelona on Wednesday in talks that also included agents Juanma López and Andy Bara. The goal was to map out a strategy that could soon lead to an opening offer, according to transfer insider Fabrizio Romano.

Why Álvarez is so keen on Barcelona transfer

Barcelona has had Álvarez on its radar since the start of the season, but the club’s long-running financial restrictions prevented any serious pursuit.

Now, with Barcelona reportedly receiving LaLiga approval to operate under the league’s 1:1 financial rule again, the club is accelerating plans after making initial exploratory contacts months ago. The biggest reason for optimism inside Barcelona is simple: Álvarez reportedly has a genuine desire to play under Hansi Flick.

Atlético, meanwhile, is staying calm and waiting to see how events unfold.

Which players could make way for Álvarez?

Deco is working aggressively to shape Barcelona’s roster for the 2026-27 season before the World Cup begins. But the biggest question hanging over the club is whether signing Álvarez would force Barcelona into a painful sale.

A transfer package approaching $230 million, including fees and overall costs, would almost certainly require significant departures to balance the books. Jules Koundé, Alejandro Balde and Marc Casadó have all been mentioned internally as valuable assets.

And then there’s the biggest question of all: Could Raphinha become expendable?

The coming days in Barcelona could be decisive.

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