A player for whom both Wolverhampton Wanderers and West Ham United are said to have made offers looks to be Ajax-bound instead.
And the Mexican publication claimed that West Ham had also bid for Alvarez, although the Hammers' proposal was '15 per cent lower' (around £1.56m) than Wolves'.
But according to De Telegraaf, it is Ajax who are 'completely in control' of the Mexico star's future, after agreeing a fee with America.
And that, the Dutch publication adds, is despite the threat from 'hijackers' in England, Italy and Russia.
Alvarez is described as a potential successor to Matthijs de Ligt in Amsterdam, with the Netherlands centre-back expected to join one of the elite European clubs.
And with neither Wolves nor West Ham currently short of options in the 21-year-old's position, it is perhaps Ajax who need him the most.
How big a loss would Alvarez be for Wolves / West Ham?
Have something to tell us about this article?