Liverpool and Manchester City briefly explored the idea of a blockbuster swap deal, according to reports from The Times.
The two clubs have rarely dealt directly with each other, though past moves — such as Raheem Sterling heading to City and James Milner joining Liverpool on a free — show that business isn’t unheard of.
During the summer of 2024, while Arne Slot’s Liverpool brought in only Federico Chiesa from Juventus for £12 million, City signed Ilkay Gundogan (returning) and Brazilian winger Savinho for £21 million. Behind the scenes, though, discussions hinted at something far bigger.
City expressed genuine interest in Liverpool winger Luis Díaz, unsettling the Colombian amid strong Barcelona links. In response, Liverpool’s recruitment team sounded out Julian Alvarez, who at the time was struggling for minutes behind Erling Haaland. Journalist Chris Bascombe reported that Liverpool even floated the idea of a direct swap — Díaz for Alvarez.
The proposal collapsed, with both clubs unwilling to strengthen a direct rival. Alvarez later secured a move to Atletico Madrid for a record £81.8m, where he thrived under Diego Simeone, scoring 29 goals in his first season. City made a profit, but lost a versatile forward who had been key to their treble-winning campaign.
Meanwhile, Díaz played a crucial role in Liverpool’s title triumph before joining Bayern Munich this past summer for £65m, helping the Reds bring in a staggering £260m from player sales.
Alvarez remained linked with Liverpool even after joining Atletico, with Simeone openly acknowledging the Reds’ interest before Slot turned to Hugo Ekitike and Alexander Isak in a £200m double investment.
What could have been a seismic Premier League swap deal ultimately became one of football’s great “what if” transfer sagas.