The 30-year-old joined FC Pune in 2017-18 playing each and every match last season.
"After being a part of this exciting group last season, the decision to continue was as easy as it gets. I am confident that our team will continue from where it finished last season and give Orange army more reasons to celebrate," Alfaro said.
The striker plied his trade as a professional first in his home country's premier division club Liverpool FC in 2006. He donned the national colours against Italy in a friendly match in 2011 that got Italian club Lazio to pick him.
During his stint with FC Pune City, Alfaro played 19 games and scored nine goals making him the highest scorer of the club. Alongside skipper Marcelinho, the two were one of the most lethal striking pairs last season.
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