Elbio Maximiliano Álvarez Wallace (born 13 June 1994) is a Uruguayan professional footballer who plays as midfielder.
Álvarez was born in Montevideo, Uruguay. On 29 January 2015, the former Peñarol player, joined Portuguese champions S.L. Benfica, along with countryman Jonathan Rodríguez, being assigned to the reserve team. On 15 March 2015, he debuted for Benfica B as a substitute in an away win at Farense (0–3) in Segunda Liga.
- FIFA U-17 World Cup: Runner-up 2011
- "FIFA U-17 World Cup Mexico 2011 - Uruguay 0:2 (0:1) Mexico - Report". FIFA. 10 July 2011. Retrieved 30 January 2015.