Atletico Madrid have started negotiations with Manchester City over a possible deal for Julian Alvarez.
As reported by Mail Sport's Jack Gaughan, Paris Saint-Germain are also interested in the forward.
Diego Simeone's Atletico attempted to sign Alvarez earlier this summer but were unable to finalise a deal.
It is anticipated that the Argentina international could cost over £70million.
There is much uncertainty over Alvarez's future at City, with the 24-year-old eager to feature more prominently.
Atletico Madrid have opened talks with Manchester City over Julian Alvarez
Pep Guardiola issued a blunt response when asked about Alvarez's comments on his future
Since joining City in 2022, Alvarez has played 103 times for the club and has scored 36 goals, while he has provided 18 assists.
However, Alvarez is eager to start more regularly; something which is difficult at City due to the presence of Erling Haaland.
Alvarez featured for Argentina at the Olympics and provided two assists against Iraq. Argentina were eliminated following a 1-0 defeat to France in the quarter-finals, with players clashing after the full-time whistle.
Alvarez previously stated that he wanted to start more often for City in 'important matches'.
He said: 'Last season, I was one of the players with the most minutes at City. But... in the end, you don't like being left out of important matches; you want to contribute,' Alvarez said.
'I'll take my time to think about what I want for myself. We will see after the Games. First, if I can, I will take a few days off. Then we will decide.'
City manager Pep Guardiola issued a blunt response when he was asked about Alvarez's concerns.
Guardiola said: 'I don't think about replacing. I knew he said he will think about it.
Alvarez recently expressed his frustration at being left out for some of City's big games
Atletico Madrid boss could look to bring in Alvarez in order to add to his attacking options
'Once he has finished thinking, his agent will call Txiki [Begiristain] and we will see what happens.
'I know he wants to play important moments, yeah. 'But the other ones [do] too. 18, 19 players as well want to play the big games.
'I read he wants to think about it. Okay, think about it and after that he will inform us what he wants to do.'
Alvarez subsequently stated that he 'didn't say anything bad' and added that he is happy at City.
As reported by TyC Sports, he said: 'I heard what Guardiola said. I don't have much to say about it.
'I never said anything bad.
'I just said that I was going to think about it like I do every season to make an analysis of what happened last season, a projection of what may come.
'I always say that I am comfortable and happy at City, which is a great club. So I didn't say anything bad.'
Alvarez has four years remaining on his current contract at City.