Real Madrid has confirmed that it has launched a $175 million bid for Julian Alvarez through an official statement while receiving a response from the Argentine's employers Atletico Madrid.Getty ImagesReal Madrid has confirmed that it has launched a $175 million (€150 million) bid for Julian Alvarez through an official statement, while receiving a response from the Argentine's employers Atletico Madrid. “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,” a communicado began.“After studying and evaluating it, Club Atlético de Madrid has thanked the offer made, made within the framework of the good relations between the two clubs, and has rejected it referring to the player’s termination clause,” it added.Said release clause is worth $577 million (€500 million) on a contract that expires on June 30, 2030.This effectively puts Madrid out of the race for Alvarez, as no club would pay that amount for a player. It’s a sum which would more than double the current world transfer record fee. That was set in 2017 when Paris Saint-Germain paid $256 million (€222 million) to trigger Neymar’s FC Barcelona release clause, and has stood ever since though altering the market forever.MORE FOR YOUForbesJulian Alvarez Agrees To Join Barcelona On Five-Year Contract, Report Argentine SourcesBy Tom SandersonReal Madrid president Florentino Perez has kept his wordWith the bid, Real Madrid president Florentino Perez has kept a campaign trail promise. Announcing three signings including incoming head coach Jose Mourinho last week, Perez vowed he’d make a bid of this magnitude on Tuesday if he beat Enrique Riquelme at the polls.Perez has now done both those things, by winning re-election and trying to test the waters with Alvarez.Some might see this as bluffing. While the offer is significant, it would take far much more than that for Atleti to consider selling to a direct rival.Still Perez might have shown that he’s prepared to sign another Galactico this summer, amid landing defensive reinforcements Ibrahima Konate and Denzel Dumfries who are set to land at the Bernabeu with Mourinho in the near future.The action could also ruffle bitter rival FC Barcelona’s feathers. Alvarez was reported as agreeing to join the Catalans on a five-year deal last week, but Barça’s first $116 million (€100 million) offer was believed to be insufficient.Real Madrid’s midweek news perhaps proves that, and the Blaugrana will struggle to raise something past the $175 million mark in times of attempting to return to the 1:1 rule under Financial Fair Play (FFP) limits.