According to Marca, Atletico Madrid insists it will not sell Alvarez.

The topic of Alvarez potentially leaving Atletico Madrid continues to spark discussion, but journalist Roberto Gomez was clear in his stance on the show. He stated that Atletico Madrid's position on the future of the Argentine forward will not change.
The journalist claimed that the Real Madrid president directly contacted Cerezo, hoping to convey a proposal for the forward to Atletico Madrid. He said: "Between approximately 23:30 and 0:00 CEST, Real Madrid president Florentino contacted Atletico Madrid president Cerezo."
According to the information provided by Gomez, the Atletico Madrid president's response was very direct. He stated: "The Atletico Madrid president's attitude was firm and very clear. The player is still under contract, he will fulfill his contract with Atletico Madrid, we will not sell, nor will we enter into negotiations."
Gomez repeatedly emphasized the same point on the show: "Atletico Madrid will not sell Alvarez to Real Madrid, nor will they sell him to Barcelona." He also mentioned that the player's release clause is as high as 500 million euros.
Gomez also discussed Barcelona's situation. He stated that Barcelona has not made any official offers, and pointed out: "The official way to do it is what Florentino did yesterday." He emphasized that the Real Madrid president directly contacted Cerezo himself.
Regarding the future of the Argentine forward, Gomez admitted that he had heard rumors in the past few days that the player might be interested in leaving, but he clearly stated that Atletico Madrid's position would not change. He reiterated: "For Atletico Madrid, Alvarez will stay."
