What happened: Real Madrid have not immediately returned with a fresh bid for Julián Álvarez, and any further discussion is now considered on stand-by. Atlético Madrid continue to insist the forward is not for sale and believe the reported €150m offer was a strategic move rather than a genuine attempt to buy.

Why it matters: The pause cools one of the summer's marquee transfer sagas just days after Atlético publicly pushed back on the €150m bid. With both clubs dug in, Álvarez's future becomes a test of whether Real Madrid escalate or walk away, and of how firmly Atlético can hold a star they say is untouchable.

What to watch: Watch whether Real Madrid table a revised offer before the window heats up, and whether Atlético's not-for-sale stance softens under continued pressure.