PERSONAL TERMS AGREED‼️CHELSEA are set to seal their FIRST January signing after reaching an agreement with a £150 million South American superstar

Chelsea and Liverpool may receive encouraging news in the transfer market as Atletico Madrid forward Julian Alvarez could potentially see his transfer valuation reduced considerably.

The World Cup winner with Argentina has excelled in Spanish football following an impressive, albeit limited, spell at Manchester City in the English top flight, where he played a rotational role.

Since joining Atletico, Alvarez has netted 40 times across 83 appearances, with Liverpool reportedly monitoring his situation according to Football Insider, while Chelsea have also shown interest per Fichajes.

Although reports suggest Chelsea are willing to invest heavily to secure Alvarez’s signature, recent updates from Fichajes indicate his price tag could fall dramatically due to his recent struggles for goals.

Julian Alvarez’s transfer value could plummet from €150m amid scoring drought

Julian Alvarez celebrates scoring for Atletico Madrid

Julian Alvarez celebrates scoring for Atletico Madrid (Photo by Angel Martinez/Getty Images)

While Alvarez has registered 11 goals across 26 matches this campaign, his recent record shows just two goals in his last 11 outings.

The 25-year-old striker certainly possesses the quality to bounce back from this slump, though Fichajes suggests that if his dry spell persists, Atletico may struggle to command their previous asking price.

Whether this represents a temporary setback or indicates Alvarez has reached his ceiling remains to be seen, but it seems unlikely the talented forward has suddenly lost his abilities.

Chelsea have greater need for Julian Alvarez than Liverpool

Despite links to Alvarez, Liverpool appear unlikely to meet the substantial transfer fee required for his services.

Following a productive 2025 summer window that saw both Alexander Isak and Hugo Ekitike arrive at Anfield, the Reds’ attacking options appear well-stocked, leaving little opportunity for Alvarez to fit into their squad.