Dutch club Ajax is actively pursuing the re-signing of Mexican defensive midfielder Edson Alvarez from West Ham United, though the deal is complicated by financial conditions.
Technical director Jordi Cruijff has held preliminary talks with the player's camp.
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West Ham, relegated from the Premier League, is demanding around €15 million for the 28-year-old.
Cruijff has prioritized a number six, but Ajax must sell current players to fund the move unless alternative payment structures are arranged.
Competition and Financial Hurdles
Real Sociedad has submitted a concrete proposal of €7.5 million for 50 percent of Alvarez's transfer rights.
Ajax is evaluating a similar fractional rights arrangement or a loan structure to bypass immediate full-value liquidity needs.
A key leverage point is that West Ham still owes Ajax €14 million from the initial €38 million transfer in 2023.
Ajax could accelerate these payments to fund the deal, but internal preferences remain focused on generating funds through player sales.
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Alvarez spent last season on loan at Fenerbahce after a winter return to Amsterdam failed.
Before moving to London, he made 147 official appearances for Ajax over four seasons, scoring 13 goals and providing six assists, winning two league titles.
Speaking about a potential return, Alvarez said: "I know they would like me back. The Ajax fans are in my heart forever.
I hope to see them again soon. At the moment, I am a West Ham player.
I am focusing on the World Cup first. After that, we will see what happens."
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His management has declined to comment on the ongoing discussions.
