The 21-year-old scored four goals and provided seven assists in 20 appearances for River Plate this season, and his performances earned him a call-up to the Argentina squad for the Copa America this summer.
Alvarez only made his senior international debut at the beginning of June but now looks set for a move to the Premier League with Dean Smith's side showing interest.
River Plate are expected to demand £15m for the winger, and with interest from both Villa and Ajax, a bidding war could commence for Alvarez's signature.
The Argentina international developed through River Plate's academy and, after making his first-team debut in 2018, he has gone on to score 16 goals and provide 17 assists in 69 appearances for the club. body check tags ::