According to Marca, Manchester City has explored the possibility of bringing Julián Álvarez back on loan.

Reports indicate that after missing three consecutive days of training with his teammates, Julián Álvarez returned to Atlético Madrid's training facility on Friday afternoon local time for a individual training session with the club's fitness coach.
This development suggests that Julián Álvarez has recovered from his previous fitness issues. At the same time, he has come to terms with the reality that his "dream" of joining Barcelona cannot be fully realized, and the Premier League has become his only viable option if he wishes to leave Atlético Madrid.
In fact, while Arsenal was previously considered the best destination for Julián Álvarez should he depart Atlético Madrid, Manchester City has entered the race in recent hours.
Two summers ago, Julián Álvarez decided to leave Manchester City to join Atlético Madrid, hoping to secure a prominent role that had eluded him while competing alongside Haaland. Now with Mölby and Savinho departed, Manchester City's attacking depth has weakened, and the club has seized the opportunity to explore the possibility of the Argentine forward's return.
With Atlético Madrid facing transfer rumors, Julián Álvarez has returned to Manchester City's radar, and current discussions are primarily centered on a loan deal.
However, Manchester City's inquiry has not progressed to formal negotiations. Like Arsenal, Manchester City faces two significant obstacles.
First, Julián Álvarez himself remains hesitant about returning to England. Second, Atlético Madrid is unwilling to negotiate below €150 million unless any deal includes provision for a replacement striker of sufficient quality, such as Gyökeres.
In this context, after Atlético Madrid president Gil Marín reiterated on Thursday that Barcelona is not an option and emphasized that the club wants to "recover" its star forward, Julián Álvarez has had to accept the current reality.
Therefore, after confirming his improved physical condition with the club's medical team on Friday, Julián Álvarez has decided to return to training. He will undergo recovery and adapt according to a special plan set by the club under the guidance of the fitness coach. For now, he remains an Atlético Madrid player.
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