Manchester City and Atletico Madrid have reached an agreement for striker Julian Alvarez, a source told ESPN.
The La Liga club are willing to pay up to €95 million ($104 million) for the Argentine striker. Around €75 million ($82 million) will have to be paid upfront and another €20 million ($22 million) in performance-based add-ons.
It represents a record exit for City and a huge profit on the €17m they paid for Alvarez's rights when he joined from River Plate in January 2022.
Sources told ESPN that Alvarez has not yet agreed personal terms with Atletico, but it is understood to be a formality.
According to a source, City were reluctant to let the 24-year-old go after he scored 36 goals in 103 games over two years and helped the club win the treble in 2023 and another Premier League title last season.
However, with Alvarez's prospects of replacing Erling Haaland as Pep Guardiola's first-choice striker looking slim and he's keen to find regular play elsewhere, City are pleased to have negotiated a good deal for the 2022 World Cup winner.
City also signed Brazilian winger Savinho in July but were expecting an otherwise quiet summer transfer window.
However, with Alvarez gone, they will have to decide whether to look for another replacement for Haaland. The Norwegian striker missed two months of last season through injury, allowing Alvarez to make 54 appearances in all competitions.
Alvarez only missed two of City's 38 Premier League games, scoring 11 goals.
ESPN's Rodrigo Faez contributed to this report.
