Liverpool offered Diaz for Alvarez, City rejected the swap

Liverpool offered Manchester City a shock proposal in the recent transfer market: swap winger Luis Díaz for forward Julián Álvarez, according to multiple reports, but City rejected the idea and Díaz remained at Anfield before ultimately moving to Bayern Munich this summer. The suggested exchange was floated during last summer's window as Liverpool sought to manage a player who had made clear his interest in leaving for City, while City opted to move Álvarez elsewhere instead.

Club recruitment teams raised the swap after Díaz signaled he was unsettled by reported interest from Pep Guardiola's side, prompting Liverpool to explore options to keep negotiations under control. City responded, according to reports, that "we do not sell to rivals," effectively killing the proposal. Some accounts place the approach in the summer of 2023, while others date it to 2024; reporting on the timing varies. What is consistent is that Álvarez left City for Atlético Madrid in the subsequent window and Díaz stayed at Liverpool for the 2024–25 campaign before Bayern secured his transfer this summer.

Díaz finished his Liverpool spell with 41 goals and 23 assists in 148 appearances, including 17 goals...