Atletico Madrid have agreed with Manchester City to sign Julian Alvarez forward in a deal worth £81.5 million.
The transfer will be structured with an initial fee of £64.4 million (75 million euros) and up to an additional £17.1 million (20 million euros) in potential add-ons.
Alvarez, who recently concluded Argentina’s campaign in the 2024 Olympics, has been a primary target for Atletico Madrid.
The Argentine forward had previously stated he would decide on his future post-Olympics. Following Argentina’s elimination by hosts France last Friday, the move has gained traction.
Manchester City manager Pep Guardiola had previously expressed his desire to keep Alvarez, highlighting his importance for the upcoming season.
“I count on him,” Guardiola said earlier in August. Despite this, City has a history of accommodating player transfer requests, as demonstrated with Ilkay Gundogan, Riyad Mahrez, and Aymeric Laporte.
Atletico Madrid, which has also agreed to sign Chelsea midfielder Conor Gallagher, has yet to finalize personal terms with Alvarez.
The potential transfer fee could set a new record for Manchester City, surpassing the £50 million Chelsea paid for Raheem Sterling in 2022.
Alvarez joined Manchester City from River Plate in 2022 for £14.1 million. Since then, he has made 106 appearances, scored 36 goals, and contributed to City’s Triple-Winning campaign and Argentina’s 2022 World Cup victory.
Despite his success, Alvarez has often been overshadowed by Erling Haaland and is reportedly seeking a more prominent role, which Atletico Madrid is expected to provide.
The completion of Alvarez’s transfer will be closely watched, as it could significantly influence the forthcoming seasons of Atletico Madrid and Manchester City.