The January transfer window has reached a boiling point with a rumor that could shift the landscape of the Premier League. As of Tuesday, January 20, 2026, reports from Fichajes and Livescore suggest that Chelsea are preparing a club-record €150 million (£126m) bid to lure Julián Álvarez away from Atlético Madrid.
With new head coach Liam Rosenior recently taking the reins from Enzo Maresca, the Blues are searching for a clinical "focal point" to ignite their second-half-of-the-season surge.
The Target: Why Álvarez?
Since his high-profile £82m move from Manchester City in 2024, the 25-year-old World Cup winner has been an indispensable part of Diego Simeone’s system. However, Chelsea believe the lure of a central "leading man" role in London could be enough to bring the "Spider" back to England.
Julián Álvarez: 2025/26 Season Stats (as of Jan 20, 2026) | Metric | La Liga & UCL Stats | | :--- | :--- | | Appearances | 25 | | Goals | 11 (7 in La Liga / 4 in UCL) | | Assists | 5 | | Status | Main set-piece taker for Atleti | | Contract Ends | June 2030 |
The Obstacles: Money, Loyalty, and Barcelona
Securing Álvarez is far from a formality. Chelsea face several significant hurdles in this pursuit:
The "Simeone Wall": Diego Simeone recently defended Álvarez during a brief three-game goal drought, calling him the club’s "best player." Atleti are under no financial pressure to sell and view him as the heir to Antoine Griezmann.
The Player's Stance: In November 2025, reports suggested Álvarez told his inner circle he had "already given his all" to the Premier League and preferred a future in Spain or at Barcelona, who are also monitoring him as a replacement for Robert Lewandowski.
The €150m Price Tag: While Chelsea made a record £266m in player sales last summer (including the loan of Nicolas Jackson to Bayern Munich), a €150m outlay would require further balancing of the books to meet strict PSR rules.
The "Enzo" Connection
Chelsea’s secret weapon in these negotiations is reportedly vice-captain Enzo Fernández. The two are close friends from their time at River Plate and the Argentine national team. It is believed that Enzo has been in "constant contact" with Álvarez, pitching the vision of Rosenior’s new-look Chelsea.
Transfer Insider (Jan 19, 2026): "Chelsea see Álvarez as the final piece. They have the creators, but they lack a striker who can play in three different positions at an elite level. If Atleti open the door even an inch, Chelsea will smash their record to walk through it."
The Verdict: While a January move feels like a "mission impossible" given Atlético’s Champions League ambitions, Chelsea’s willingness to bid €150m shows they are ready to dominate the market once again. If the deal doesn't happen this month, expect it to be the saga of the summer.