The 27-year-old Alvarez played for Ajax from 2019 to 2023, making 146 appearances. He has the experience and skills Ajax are looking for in a defensive midfielder.
Ajax are searching for a new player to fill the gap left by Jordan Henderson, who left the team after last season. Henderson's departure created a need for a controlling midfielder, and Ajax are looking for someone with leadership qualities.
According to reports, Ajax want to sign Alvarez on a one-year loan deal. This would allow him to return to Ajax without blocking the development of 17-year-old Jorthy Mokio.
If a loan deal for Alvarez is not possible, Nemanja Matic is reportedly Ajax's top alternative. Matic was recently released from Olympique Lyon.
Ajax need to sell some players before they can make a loan deal for Alvarez. The club is working on moves for Sivert Mannsverk and Ahmetcan Kaplan, who have attracted interest from other clubs.
Striker Brian Brobbey is also free to leave Ajax, and several clubs, including AS Roma and teams from Saudi Arabia, are interested in signing him.