Real Madrid said on Tuesday that Atletico Madrid had rejected the club's offer of 150 million euros ($173 million) for Argentine forward Julian Alvarez.
"After reviewing and evaluating the offer, Club Atletico de Madrid has expressed its gratitude for the proposal... and has rejected it," Real Madrid said in a statement.
A World Cup winner with Argentina in 2022 and formerly of Manchester City, the 26-year-old Alvarez joined Atletico in 2024. He is under contract until June 2030, with a release clause estimated at €500 million.
Included in Argentina's squad for the 2026 World Cup, Alvarez scored eight goals last season in LaLiga and 10 in the Champions League, where Atletico were eliminated in the semifinals by Arsenal.
"After studying and evaluating it, Atletico de Madrid thanked the club for the offer made, in keeping with the good relations between our two clubs, but rejected it," Real Madrid said in a statement.
Re-elected on Sunday as president of the club, Florentino Perez had promised during his election campaign that he would make a big-name signing.
Spanish media had reported that the target was Bayern Munich winger Michael Olise.
But the German club said they would not be selling their French international.
"If Florentino Perez wants to send us an offer, which has not happened so far, he can save himself the trouble," said Bayern president Herbert Hainer.