Alvarez, 25, made the move to Atletico from Manchester City last summer, and he has been in excellent form for Diego Simeone's side this season, scoring 17 goals and registering four assists in 37 appearances in all competitions.
The Argentina international has six goals and one assist in eight appearances in the Champions League, with Atletico through to the knockout round of the competition, while he has helped the Red and Whites reach the semi-finals of the Copa del Rey, netting four times and providing one assist in five outings in the tournament.
Alvarez has also been key to Atletico sitting second in the La Liga table, scoring seven goals and registering two assists in 24 appearances, with his switch from Man City proving to be a huge success.
The World Cup winner signed a six-year deal at Wanda Metropolitano upon his arrival, but according to Fichajes, he could potentially return to Manchester during this summer's transfer window.
The report claims that Man United will 'go all out' to sign Alvarez, with the Red Devils prepare to make a €150m (£125m) move for the attacker to give themselves a much-needed boost.
Man United 'willing to pay £125m' for Alvarez
Alvarez made the move to Man City from River Plate in 2022, and he scored 36 goals and registered 17 assists in 103 appearances for the Citizens, but he decided to seek pastures new last summer.
"I don't like to tell players what they have to do," Man City boss Pep Guardiola told reporters back in August when questioned on Alvarez's exit. "Contracts are nice but they can be broken. If you are not happy, why should you be here?
"He's incredibly loved by the team for his behaviour, but like I said many times of the players, if he wants to leave and wants a new challenge - Atletico is a top club in Spain and in Europe - and when they suggested to me through the club that he wanted to leave, I said it was OK. Imagine he stays when he doesn't want to stay?"
Man United are preparing to move for a new striker this summer, and it is understood that they have cooled their interest in Sporting Lisbon's Viktor Gyokeres despite being heavily linked with his services.
Ipswich Town's Liam Delap is thought to be a target, but the Red Devils are allegedly preparing to focus their attention on Alvarez, viewing him as the ideal player to lead their attack in a 3-4-3 formation.
What does the future hold for Hojlund, Zirkzee?
Neither Rasmus Hojlund nor Joshua Zirkzee have convinced this season, and it is likely that one of the two senior strikers at Old Trafford will be moved on during this summer's transfer window.
Chido Obi continúes to make a huge impression at youth level, and the 17-year-old is in line for a spot in the squad against Tottenham Hotspur in the Premier League on Sunday afternoon.
It is not impossible to imagine Obi playing back-up to a senior froward next term, which might be Alvarez, with both Hojlund and Zirkzee potentially leaving if suitable offers are received.
Man United head coach Ruben Amorim admitted during Friday's press conference ahead of the Spurs clash that the Red Devils would have to sell before they could buy during this summer's transfer window.
Written by
Matt Law