Real Madrid have confirmed that a €150m (£129m) offer for Atletico Madrid forward Julian Alvarez has been turned down, as the race for the Argentine's signature intensifies.

The bid follows a pledge made by club president Florentino Perez during his re-election campaign. Perez promised that, should he retain the presidency, Real Madrid would move to sign a player worth €150m — and he has made good on that promise within days of being confirmed as winner early on Monday morning.

In an official statement published on the club's website, Real Madrid outlined the details of the approach: "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."

Atletico Madrid acknowledged the offer but declined it, citing Alvarez's release clause. Their response, as relayed by Real Madrid, noted that the club "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."

Barcelona also in the hunt

Real Madrid are not the only side pursuing Alvarez. Barcelona are understood to regard the Atletico Madrid striker as a priority target as they look to strengthen their attack, following their recent capture of Anthony Gordon.

The situation between Atletico and Barcelona has grown tense in recent weeks. Atletico have accused Barcelona of conducting a smear campaign against them amid speculation linking Alvarez to a move to the Catalan club.

With two of Spain's biggest clubs chasing the same player, the pursuit of Alvarez is shaping up to be one of the defining transfer sagas of the summer window.