Tottenham Hotspur’s plan to sign Julian Alvarez, as reported on Sunday by Sports Illustrated, rests on an unusual piece of contract engineering: a Barcelona release clause written into a Tottenham contract.
The North London club are preparing a €130m (£113m) bid for the Atletico Madrid striker in the January window. The proposed deal would contain a clause allowing Alvarez to leave for Barcelona at a later date. The figure, first reported by Spanish outlet El Nacional and relayed by Sports Illustrated, would be the biggest fee Spurs have ever paid.
The Atletico problem
Alvarez told Sky Sports in June that he wanted to leave Atletico, speaking after Argentina’s 2-0 World Cup win over Austria.
“I spoke with people at the club, with those I had to speak with and the best thing for everyone is a transfer and I want to fulfil my dream,” the 26-year-old said.
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He is contracted to Atletico until 2030 with a public release clause of €500m, as GiveMeSport has reported. The clause that matters here is a separate, lower one. Provisions in the deal he signed when he joined from Manchester City in 2024 allow certain Champions League clubs, including Barcelona, to sign him for a figure around €150m plus taxes. Atletico have insisted the striker is not for sale.
The structure Spurs are reportedly offering effectively works around that. By inserting a Barcelona-only release clause into their own contract, the club gives Alvarez the Catalan move he wants without having to deliver it immediately.
De Zerbi still searching for a striker
The move would be the first marquee signing of Roberto De Zerbi’s tenure. The Italian was appointed on a long-term contract on 31 March 2026, but his first full season has started badly. Spurs are yet to win a Premier League match and sit at the bottom of the table after a summer in which the club brought in ten new players.
Club CEO Vinai Venkatesham has publicly expressed confidence in De Zerbi, in the players recruited over the summer and in the changes made at the club. A €130m number nine would, on paper, give him the elite focal point the squad has lacked.
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Neither Tottenham nor Atletico has commented publicly on the reported bid. The January window opens on 1 January 2027.
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