On 5 July 2011, Álvarez joined Italian club Internazionale after the club paid Vélez a €12.8 million transfer fee for 90% of his rights. He debuted officially for his club in the 2011 Supercoppa Italiana defeat to Milan. Under the coaching of Claudio Ranieri, Álvarez began to establish himself in the team and showed that he can play as a "trequartista". His first official goal for Inter came against Trabzonspor on 22 November 2011 after a neat one-two with international teammate Diego Milito. He scored again in his side's 4–1 victory over Lecce, a tap in from a well worked cross by Yuto Nagatomo.