In January 1995, Guilherme Alves left for Spain and joined Rayo Vallecano, scoring 14 goals in only 17 matches (half-a-season) as the team achieved promotion to La Liga.
[4] He never regained his previous form with Corinthians, and after leaving Atlético for good (with a total of 139 official goals), represented Ittihad FC of Saudi Arabia.
In the year 2004, Guilherme Alves signed for Cruzeiro Esporte Clube, scoring 13 goals in 50 competitive games and helping the team to the Campeonato Mineiro.
On 21 June 2013, after a successful spell at Marília Atlético Clube, he was named coach at Grêmio Novorizontino, being crowned champions of the following year's Campeonato Paulista Série A3.
He was called up for the squad which represented the nation in the following year's Copa América, scoring in a 2–0 group stage win against Peru in an eventual quarter-final exit.