Real Madrid announced they have had a £129million (€150m) bid for Atletico Madrid striker Julian Alvarez rejected.

Florentino Perez promised that the LaLiga giants would attempt to sign a €150m player if he was re-elected and they have now publicly confirmed their intentions to sign Alvarez from their rivals after Perez won the vote.

Despite the huge bid, however, Real said the bid for the Argentina forward has been rebuffed in a public statement.

The statement said: “Real Madrid C. F. announces that, following the meeting of the Board of Directors held today, it has made an offer of 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez.

“After reviewing and evaluating the offer, Club Atletico de Madrid has expressed its gratitude for the proposal, made within the framework of the good relations between both clubs, and has rejected it, referring to the player’s release clause.”

Alvarez, formerly of Manchester City, is also thought to be the subject of interest from rivals Barcelona, who were accused by Atletico of running a “smear campaign” in their attempts to land the 26-year-old.

In response to the speculation, Atletico posted a tongue-in-cheek transfer offer for Barcelona winger Lamine Yamal.

The club claimed they had sent a proposal consisting of four tickets to a Bad Bunny concert, an annual newspaper subscription and a bag of sunflower seeds in exchange for the Spain international.

The post was accompanied by a mock transfer announcement and formed part of a string of satirical messages aimed at Barcelona.

Alvaro Arbeloa: Real confirm departure

Real also made a statement on Tuesday evening to confirm Alvaro Arbeloa’s official departure as head coach, with Jose Mourinho expected to return to the club as his replacement.

A statement said: “Real Madrid C. F. and Álvaro Arbeloa have reached an agreement to end his tenure as the first-team coach.

“Real Madrid is deeply grateful to Álvaro Arbeloa, who throughout his career at the club, from the time he joined our academy, has always demonstrated loyalty, commitment, and professionalism. His persona is a true example of the values of our club.

“Real Madrid, which will always be his home, wishes Alvaro Arbeloa and his entire family the best of luck in this new chapter of their lives.”