Real Madrid have released a remarkable official statement confirming that their club-record 150 million (129m/$173m) offer for Julian Alvarez has been rejected by rivals Atltico Madrid. The extraordinary announcement finally reveals the true identity of the mystery Galactico that club president Florentino Perez promised to sign following his recent re-election campaign. Real Madrid Statement Confirms Alvarez Bid Following mounting speculation, Real Madrid took the highly unusual step of publishing a formal announcement regarding their transfer business today. The club have confirmed they have seen a monumental 150m proposal for Alvarez turned down by Atltico. The official club statement read: "Real Madrid C. F. announces that, following the meeting of the Board of Directors held today, it has made an offer of 150 million euros to Club Atltico de Madrid for the federative rights of the player Julian Alvarez. After reviewing and evaluating the offer, Club Atltico de Madrid has expressed its gratitude for the proposal, made within the framework of the good relations between both clubs, and has rejected it, referring to the player's release clause." Perez Delivers His Galactico Promise The bold move directly follows Perez being re-elected as club president on Sunday, after defeating rival Enrique Riquelme. During his campaign, the 79-year-old pledged to spend heavily on one major target. Before the revelation, Perez told Spanish TV show Horizonte: "On Tuesday or so, I'm going to make an offer to a major Champions League club for a great player. It would be the largest transfer fee Real Madrid has ever paid in its history. We're going to make a significant offer, at least around 150 million. He needs to be a midfielder who can drive forward. And it's not Haaland. The player is not from the Premier League. And the first thing we'll do is talk to the club. It's a signing meant to generate excitement, because that's what it's all about generating excitement." Rival Interest And Release Clause Complications Despite identifying their prime target, Los Blancos face significant obstacles. It was initially thought that the Argentine forward possessed a 500m (431m/$577m) release clause in his Atltico contract. However, reports indicate his deal contains provisions for certain Champions League sides, potentially allowing them to secure his services for closer to 150m. Real Madrid are not the only European powerhouse chasing the prolific attacker, as Barcelona reportedly saw a 100m bid rejected just last week. Meanwhile, the Santiago Bernabu outfit have also confirmed the departure of first-team coach Alvaro Arbeloa. They released a separate statement expressing their gratitude to the manager, which subsequently paves the way for Jos Mourinho to make a sensational return. What Comes Next For Real Madrid? Real Madrid must now decide whether to return with an improved offer or activate the release clause to force Atltico into a sale. With Mourinho seemingly poised to take the managerial reins, the club will desperately want to finalize their squad rebuilding. As Perez remains determined to bring a new superstar to the Bernabeu, fans can expect another massive bid very soon.