While Alvarez's numbers don't come close to Palmer's 57 goal involvements in 62 games since joining Chelsea, he has started to make a big impression.
His 12 goals and two assists in 24 appearances helped Atlético to third place in La Liga, just three points behind leaders Barcelona, and 11th in the Champions League standings.
City, meanwhile, have won just once in their last ten games as key players such as Phil Foden, Kevin de Bruyne, Jack Grealish and Jeremy Doku struggled for fitness and form.
Erling Haaland has only managed to score four times in that period, despite scoring 18 goals in all competitions this season, but the club's next top scorer has scored three goals and that's six players.
Alvarez's tally of four Champions League appearances also continues his incredible record in the competition.
Teammate Griezmann said: “Julian is an outstanding player. It is a joy and a source of pride to have him with us. Hopefully we can continue to help him and enjoy having him with us.”
Alvarez was directly involved in 12 goals in as many Champions League starts – scoring nine and assisting three.
To put that into perspective, compatriot Lionel Messi needed 24 games to score 12 goals in the same competition.
That means players in the competition's history have played more than 1,000 minutes – only Haaland has a better minutes per goal or assist ratio at 78 than Alvarez at 98.