Liverpool and Man City Explored a Swap Deal That Ultimately Didn’t Materialize

Liverpool and Manchester City briefly discussed what could have been a remarkable swap deal, according to recent reports.

Over the years, the two clubs have had several transactions, such as the summer transfer that saw Raheem Sterling move to City while James Milner joined Liverpool on a free transfer.

However, a new report from The Times reveals that the two Premier League powerhouses considered a swap deal around the summer of 2024. During that transfer window, Liverpool made just one signing under Arne Slot, bringing in Federico Chiesa from Juventus for about £12 million.

Meanwhile, City signed two players, including the returning Ilkay Gundogan and Brazilian winger Savinho for £21 million.

City reportedly showed genuine interest in Liverpool’s forward Luis Diaz, which unsettled the Colombian. Diaz was also heavily linked with Barcelona. Journalist Paul Joyce noted that Liverpool responded to City’s interest by showing interest in Julian Alvarez.

Chris Bascombe from The Telegraph mentioned that Liverpool’s recruitment team proposed a potential swap of Diaz for Alvarez, but the deal never went through as neither club wanted to sell directly to their rival.

Although Alvarez helped City win two Premier League titles and a historic treble during his two seasons, he was unhappy playing behind Erling Haaland. City didn’t block his request to leave for more playing time, and he became City’s record sale at £81.8 million when he joined Atletico Madrid.

Alvarez scored 29 goals in his first season with Atletico under Diego Simeone, and while City made a significant profit, they missed his contributions on the field.

Diaz was instrumental in Liverpool’s title-winning campaign last season but moved this summer to Bundesliga champions Bayern Munich for £65 million, contributing to Liverpool’s total of £260 million from player sales.

Alvarez was still linked with Liverpool during the summer, with even Simeone publicly acknowledging their interest, just before Liverpool invested nearly £200 million to sign Hugo Ekitike and Alexander Isak.