According to Jota Jordi, Mikel Oyarzabal is a player who is very much liked by Atlético de Madrid and especially by Diego Simeone. Jota Jordi stated that contacts have already taken place, have been very positive, and will intensify from next Monday. He also said Simeone has a strong admiration for the player and that the transfer will be completed if Alvarez leaves.

According to Ekrem Konur, Atlético Madrid are showing interest in Real Sociedad's 28-year-old Spanish centre-forward Mikel Oyarzabal, and Lazio are also reportedly monitoring the Euro 2024 winner. The Spanish international has 51 caps and 22 goals for his country. Oyarzabal has a contract with Real Sociedad until 2028 and a current market value of €25.00m, according to Transfermarkt. This season in LaLiga, Oyarzabal has scored 5 goals and provided 3 assists in 15 appearances.