Real Madrid's Failed Pursuit of Olise and Álvarez
Florentino Pérez went hunting for a new star this summer. Twice he thought he had a path. Twice the door was slammed in his face.
Transfer specialist Fabrizio Romano has revealed that Real Madrid’s president was ready to move for Michael Olise, only to be stopped before he could even put a number on the table.
“I can say with absolute certainty that Florentino Pérez intended to pursue Michael Olise, and representatives of Real Madrid have confirmed this,” Romano said on his YouTube channel.
The plan never made it off the drawing board. Bayern Munich killed it.
Bayern’s hard “no” on Olise
Bayern’s response was swift and ruthless. Club president Herbert Hainer led a firm internal stance: Olise is not for sale. Not at any price that would make sense in this market.
The Frenchman is tied to Säbener Straße until 2029 and, on current form, that contract might as well be a padlock. Over the last two seasons he has grown into one of Bayern’s untouchables; last term alone he delivered 53 goal contributions in 52 competitive games — 22 goals and 31 assists — and drove the club to the double.
Numbers like that change the tone of any conversation. For Bayern, there was nothing to discuss.
“FC Bayern have completely shut the door, both behind closed doors and publicly, and did not want to enter into any negotiations,” Romano added.
The message was clear. Pérez could admire Olise from afar, but that was as close as he was going to get.
So Madrid pivoted.
From Munich to Madrid’s neighbours
With Bayern refusing to even pick up the phone, Real turned across the city to Atlético Madrid and fixed their gaze on Julián Álvarez.
This time, there was a bid. A huge one.
Real Madrid announced on Tuesday that they had put €150 million on the table for the Argentine striker. For most clubs, that figure would trigger urgent board meetings and agonising debates. Atlético barely blinked.
They rejected the offer and pointed straight to the small print: Álvarez’s release clause.
The 26-year-old’s contract includes a €500m buyout clause, a number set at the very top of the Spanish market. Under Spanish regulations, every player must have a fixed release clause, and clubs often use it as a shield, setting it so high that it scares off even the wealthiest rivals.
In Álvarez’s case, it did its job. €150m sounded loud. €500m sounded final.
Madrid weigh their next move
Real could still come back. There is no confirmation of a second offer, no sign yet that Pérez has decided whether to push harder or walk away. The club has paid giant fees before, but even by their standards, going anywhere near €500m would rip up every internal benchmark.
And they are not alone in the chase.
Álvarez is also on FC Barcelona’s radar, and the forward is said to favour a move to the Camp Nou over the Bernabéu. If Atlético ever soften their stance, Madrid might find themselves not just fighting a release clause, but locked in a straight battle with their greatest rivals for the same player.
For now, Bayern have kept their creator, Atlético have held their striker, and Real Madrid — even with money in hand — are discovering that in this market, not every galáctico dream can be bought.
