Gerrard made no secret of his satisfaction that Arsenal failed to sign their primary transfer target Alvarez this summer.

Speaking on TNT Sports about the transfer saga, Gerrard said: "I understand his thinking, but Atletico Madrid doesn't want to strengthen a competitor or become a talent supplier for their domestic league and Champions League rivals. From the club's perspective, this is understandable."

"I'm just glad he didn't join Arsenal—I won't elaborate on that!"

McManaman, another Liverpool legend, was more forthright in his assessment, arguing that there was never any realistic possibility of Alvarez joining Arsenal this summer.

"He wouldn't go to Arsenal anyway. How could he want to go to Arsenal?" McManaman said. "He's always wanted to join Barcelona, and he's said so publicly. But Atletico won't strengthen a rival.

Atletico paid £82 million to sign him from Manchester City, and he has four years remaining on his contract. Frankly, Barcelona is Atletico's biggest rival besides Real Madrid. For him to ask to leave for Barcelona is presumptuous."

"So Atletico had to hold firm and refuse. But Alvarez needs to prove to the fans and his teammates that he remains fully committed."

Alvarez failed to score in the match at Anfield, but Gerrard still believes the Argentine forward can quickly regain the support of Atletico's supporters.

"I think he has the trust and support of the coach. As long as he scores and delivers an excellent performance, many things will obviously change," Gerrard added.

"But he will always be thinking about how his dream transfer fell through, and it might never come around again.

That said, he is a top-class player, a joy to watch, and has excellent football intelligence, so it's no surprise he's pursued by many clubs worldwide. He's clinical in front of goal, plays creatively, and I enjoy watching him."

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