The 24-year-old Mexico international, who can also play in central defence, has been in Amsterdam since the summer of 2019, when he arrived from Club America for around £13.5m.
However, Alvarez could be set for a move to the Premier League according to Football Insider, who are reporting that Chelsea are considering an offer for him during this transfer window.
Alvarez has made 17 Eredivisie appearances so far this season, contributing two goals and one assist to this point, as Ajax look to retain their league title in the Netherlands.
Chelsea have been looking for defensive additions recently, with a host of central defenders being linked with possible January or summer moves.
Andreas Christensen, Cesar Azpilicueta and Antonio Rudiger could all be leaving the club in June as things stand, with the defensive trio's contracts all expiring in the summer, and with no progress yet being made on their renewals. body check tags ::