The former River Plate starlet played second fiddle to Erling Haaland during his debut season at the Etihad, although he still demonstrated his huge potential with 17 goals and five assists from 49 games in all tournaments.
With Kevin De Bruyne out of action due to a serious hamstring injury, Alvarez has grasped his opportunity with both hands in the 2023-24 campaign, where he has played just off Haaland in the final third.
The 23-year-old has scored seven goals and set up five more in 12 games across the Premier League and Champions League, taking his total for the Citizens to 24 goals and 10 assists from 64 games since touching down in 2022.
Owing to his continued progression, Alvarez — who also came up with four goals and an assist during Argentina's run to 2022 World Cup glory — extended his Man City contract until 2028 back in March.
Despite his long-term renewal, Alvarez is supposedly being courted by both Barcelona and Real Madrid, although Man City remain confident of retaining the South American's services.
According to Football Insider, the treble winners would demand as much as £80m to consider selling Alvarez in next year's summer window, which would represent a club-record sale.
The Citizens only forked out €21.4m (£18.7m) to bring Alvarez to Manchester from River Plate in January 2022, although he remained on loan in Argentina before linking up with Pep Guardiola's squad.
A few months after Alvarez officially joined the club, Man City allowed Raheem Sterling to depart for Chelsea in a £49m deal, which made the Englishman their most expensive departure of all time.
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