Real Madrid Faces Setbacks in Olise and Álvarez Pursuits

Florentino Pérez saw the door slammed in his face. Twice.

First in Munich.

According to Fabrizio Romano, the Real Madrid president had made up his mind: he wanted Michael Olise. Not as a passing fancy, but as a serious target. “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 left the drawing board.

Bayern Munich killed it before it could become a formal offer. Club president Herbert Hainer led a firm, internal and public refusal that left Madrid with nowhere to go. No talks. No negotiations. No price.

Olise is tied to Säbener Straße until 2029 and, inside the club, his name sits firmly in the “unsellable” column. His numbers explain why. Over the past two seasons he has grown into one of Bayern’s key weapons; last term alone he delivered a staggering 53 goal contributions in 52 competitive games – 22 goals and 31 assists – driving the team to the double.

When a player produces like that, Bayern do not haggle. They lock the door.

“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 to Madrid was blunt: look elsewhere.

So they did.

From Olise to Álvarez

With Bayern’s stance immovable, Real Madrid pivoted across the capital to Atlético Madrid and fixed their gaze on Julián Álvarez. This time, they went beyond intention.

On Tuesday, the European champions announced they had lodged a €150 million bid for the Argentine striker. A huge sum, even by Madrid standards. For Atlético, it was still not enough.

The answer came back: no.

Atlético pointed directly to the 26-year-old’s release clause, written into his contract in line with Spanish regulations. The figure is set at €500m – a classic La Liga deterrent, designed not to be met but to scare off predators. It did not stop Madrid from testing the water, yet it underlined how far any suitor would have to go to force Atlético’s hand.

For now, there is no confirmation of a second bid. Real could return, the door is not entirely locked, but the next move would require a leap of both courage and cash.

Crowded market, divided loyalties

Complicating matters further, Álvarez is not Madrid’s alone to chase. FC Barcelona are also tracking the forward, who is reported to lean towards the Catalan side rather than Los Blancos.

So Pérez stands at a familiar crossroads. His first choice in Munich is ring‑fenced until 2029. His next option in Madrid comes with a €500m wall around him and an apparent preference for the rival in blaugrana.

The window is long, the money is there, and Real Madrid rarely accept no for an answer. But with Bayern unyielding on Olise and Atlético brandishing that towering clause for Álvarez, how far is Pérez really prepared to go to land his next Galáctico?