Atletico Madrid’s ambitious pursuit of AC Milan left-back Theo Hernandez has dramatically fallen through, marking a disappointing end to what could have been one of the most high-profile moves of the summer transfer window. The Spanish international, who has developed into one of Europe’s top full-backs during his time in Italy, had emerged as a top defensive target for Diego Simeone’s side. However, after weeks of negotiations, interest, and speculation, the deal has officially collapsed — and the reasons behind the breakdown are as complex as they are revealing.
Atletico Madrid were in the market for a dynamic, attacking full-back capable of making an immediate impact, and Theo Hernandez checked all the boxes. A former Real Madrid player who blossomed after moving to Milan in 2019, Theo has established himself as one of the most dangerous full-backs in the game. His explosive pace, physical dominance, and ability to score and create from the back line made him a dream signing for any team seeking a more modern defensive option.
Reports from both Spain and Italy earlier this month indicated that Atletico had made initial contact with Milan and were willing to table a substantial offer. Sources suggested the Madrid-based club was preparing a bid in the region of €55–60 million, banking on Theo’s emotional connection to Spain and the allure of Champions League football under Simeone’s leadership. For a moment, it seemed the stars were aligning.
However, several roadblocks emerged, ultimately leading to the collapse of the deal.
Milan’s Reluctance to Sell
First and foremost, AC Milan were never entirely convinced about letting their star defender leave. Despite being open to listening to offers for several players this summer to fund a squad revamp, the Rossoneri had marked Theo as untouchable unless a truly exceptional offer was made — one that exceeded €70 million. The 26-year-old is not only one of the pillars of their current squad but also a fan favorite and vice-captain. Milan had no intention of weakening a position they consider vital, especially when they are themselves in transition following changes in management and squad personnel.
While Atletico Madrid’s bid was substantial, it fell short of Milan’s valuation. The Italian club made it clear they would not entertain a cut-price deal, especially not this early in the transfer window, when replacements are difficult to line up and prices are inflated.
Theo’s Own Stance
Another decisive factor was the player’s own position. Though reportedly flattered by Atletico’s interest and attracted by the idea of returning to Spain, Theo Hernandez is believed to be content at Milan, where he has developed into a world-class player. He is under contract until 2026 and is a central part of Milan’s long-term vision. Sources close to the player suggest that while he listened to Atletico’s proposal, he was not prepared to push for a move or create conflict with his current club.
His focus remains on continuing to build his legacy in Milan, with the club targeting Serie A glory and further Champions League progress in the coming season. The leadership role he has at the club, along with his bond with the fans, played a significant role in his decision to remain loyal to the red and black shirt.
Atletico’s Financial Calculations
Atletico Madrid’s own financial limitations may also have played a role in the deal’s collapse. Despite being among La Liga’s top clubs, they are operating under tight budgetary conditions due to past spending and a need to maintain financial fair play compliance. Offering €70 million for a defender — even one as talented as Theo — would have required selling other assets or significantly restructuring their wage bill.
With the deal proving more costly than initially expected and no guarantees of Theo’s arrival, Atletico opted to shift their focus to more attainable targets. The club is now reportedly considering alternatives such as Stuttgart’s Hiroki Ito, Feyenoord’s Quilindschy Hartman, or even a return for Renan Lodi, who remains a viable option due to his lower price tag and familiarity with Simeone’s system.
What’s Next?
For Milan, this is a massive win. Retaining a player of Theo Hernandez’s caliber without a protracted transfer saga or dressing room tension allows the club to continue building under a sense of stability. His presence will be key as they aim to challenge for major trophies next season.
For Atletico, it’s a case of back to the drawing board. Missing out on Theo is a setback, no doubt, but the transfer window is long, and other opportunities will arise. What’s clear is that Simeone’s side still needs reinforcements at left-back, and they’ll need to act quickly to secure a Plan B.
In the end, the failed transfer underscores the realities of modern football — where club strategy, financial planning, and player loyalty can override even the
most enticing cross-border bids.
