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Last summer, Liverpool considered exchanging Luis Díaz for Manchester City's Julián Álvarez after Díaz expressed a desire to join Man City, but the deal never materialized due to both clubs' unwillingness to sell directly to a domestic rival.
Initial reports suggested interest between Díaz and Man City was denied by both clubs. However, sources including The Times and The Telegraph later revealed Liverpool realized Díaz wanted to leave shortly after Arne Slot's arrival. Liverpool’s recruitment team proposed a swap: Díaz to Man City in return for Álvarez. Manchester City rejected the offer, stating, “we don’t sell to rivals,” and Liverpool reciprocated by taking Díaz off the market.
Díaz subsequently enjoyed a strong season at Liverpool, scoring 17 goals before moving to Bayern Munich for £65 million. Meanwhile, Álvarez remained at City but, dissatisfied with limited playtime behind Erling Haaland, pushed for a transfer to Atlético Madrid for £81.5 million. His agent confirmed Liverpool had expressed interest in Álvarez, and Atlético’s Diego Simeone publicly acknowledged Liverpool's desire for the Argentine forward.
Despite this, Liverpool ultimately focused on other attacking reinforcements like Hugo Ekitike and Alexander Isak rather than pursuing Álvarez aggressively. The proposed swap represented a bold but unsuccessful maneuver amid the clubs' focus on maintaining competitive edges without empowering direct Premier League rivals.
Overall, this episode revealed how transfer dealings between top English clubs are intricately strategic, with both sides balancing player ambition, squad rebuilding, and rivalry considerations.
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