Julián Álvarez appeared on Real Madrid's transfer radar as a luxury alternative, not as Florentino Pérez's first choice. According to the version put forward by Fabrizio Romano, the initial desire of the white club was for Michael Olise.
The attacker from Bayern Munich was internally singled out as the player capable of raising the offensive ceiling of the new project. However, the German response completely changed the course of events.
Julián Álvarez comes into play after Michael Olise blockade
Real Madrid wanted to make a statement in the market. Florentino Pérez had hinted at presenting a millionaire offer for a star, with a figure close to 150 million euros.
Initially, that move was aimed at Michael Olise. The French winger has excelled at Bayern Munich and his profile fits what the white club is looking for: imbalance, goals, youth, and potential for growth.
Romano explained that people close to Real Madrid acknowledged this interest. The idea was to explore a very ambitious deal, although Munich never opened the door to negotiate.
Bayern Munich sees Michael Olise as a cornerstone. They don't view him as a sellable asset, but as one of the pillars on which to build their present and immediate future.

Real Madrid shifts focus with Julián Álvarez's arrival
With Olise practically out of reach, Real Madrid evaluated other options in recent days. In this analysis, Julián Álvarez, a forward from Atlético de Madrid and one of LaLiga's big names, gained traction.
The 150 million offer for the Argentine was seen as a strong move but also a very complex one. Atlético responded firmly and made it clear they would not facilitate his departure.
Julián Álvarez is liked for his mobility, pressure, link-up play, and ability to attack spaces. He is a modern, competitive forward ready for high-pressure scenarios. However, the issue wasn't just financial. The rivalry between clubs, the media impact, and the player's sporting weight made the deal highly challenging.
Bayern Munich refuses to negotiate for Michael Olise
Bayern Munich's message was clear: Michael Olise is not for sale. This refusal explains why Real Madrid had to turn towards another direction before pursuing the Argentine path. The current feeling at the Santiago Bernabéu is that there won't be an immediate new offensive for Julián Álvarez. The market is wide open, but a superior proposal is not expected at this moment.
Florentino Pérez continues the search for a key signing to boost the project. José Mourinho's arrival on the bench heightens the need to construct a stronger, physical, and competitive squad.
Real Madrid aims to regain authority in Europe and LaLiga. This requires more than just individual talent: it needs pieces that fit into a collective idea and raise the competitive level. The operation also reflects an increasingly closed market where top European clubs protect their stars and demand almost prohibitive fees.
Julián Álvarez will remain under observation, but the crux of the story lies with another name. The true initial target was Michael Olise, and only Bayern Munich's resistance pushed Real Madrid towards the Argentine.
This news is an automatic translation. You can read the original news, Fabrizio Romano destapa que Julián Álvarez no era la primera opción del Real Madrid