Liverpool and Man City Weighed Up Swap Deal That Ultimately Fell Through
Liverpool and Manchester City once held talks over what could have been a blockbuster swap deal, according to fresh reports.
Discussions between the two Premier League heavyweights surfaced after City showed interest in Luis Díaz, prompting Liverpool to highlight their own admiration for Julián Álvarez. The idea was briefly floated during the summer of 2024, though it ultimately went nowhere as neither club was willing to trade directly with a domestic rival.
At the time, Liverpool’s only signing under new boss Arne Slot was Federico Chiesa from Juventus for £12 million, while City strengthened with the return of İlkay Gündoğan and the £21 million capture of Savinho. Reports from Paul Joyce of The Times and Chris Bascombe of The Telegraph confirmed that Liverpool’s recruitment team suggested a possible Díaz-for-Álvarez exchange, but the deal collapsed before gaining any traction.
Although Álvarez was pivotal in City’s success—including back-to-back league titles and a treble—he grew frustrated playing in Erling Haaland’s shadow. He was eventually allowed to leave for Atlético Madrid in a record £81.8 million deal, going on to score 29 goals in his debut season under Diego Simeone.
Díaz, meanwhile, played a crucial role in Liverpool’s title-winning campaign before sealing a £65 million switch to Bayern Munich, part of a summer exodus that brought the Reds £260 million in player sales. Despite his move abroad, Álvarez continued to be linked with Liverpool, with Simeone even admitting interest before the Merseyside club splashed nearly £200 million on Hugo Ekitike and Alexander Isak.
