Real Sociedad have opened direct club-to-club discussions. The La Liga side are seeking midfield reinforcement with European experience and view Álvarez as a player capable of anchoring their midfield.
Ajax are also monitoring the situation closely and exploring options for a potential reunion. Álvarez spent four successful seasons in Amsterdam between 2019 and 2023, winning two Eredivisie titles and a KNVB Cup before his £35 million move to West Ham.
West Ham are understood to prefer a permanent sale. Negotiations centre on the player’s remaining contract, wages and overall fee structure, with loan-to-buy options also under consideration depending on how talks progress.
Álvarez himself is keen to secure regular top-flight European football to maintain his form while remaining a key figure for the Mexico national team.