Julián Álvarez has closed his signing for Atlético de Madrid after two years at Manchester City, the Spanish club announced on Monday.
A source told ESPN that City will receive £82 million (US$104 million) for the Argentina international.
It represents a record sale for City and a strong return on investment for a player they paid £14m for in January 2022.
Álvarez was immediately loaned to River Plate before formally moving to the Etihad Stadium ahead of the 2022-23 season. While Álvarez was unable to take Erling Haaland's place in the starting lineup, his versatility and effectiveness off the bench saw him register 17 goals and five assists in City's treble-winning campaign.
Haaland's injury last season saw Alvarez's playing time increase – in 54 games across all competitions, he scored 19 goals. However, it was always unlikely that he would become the first-choice striker ahead of the Norwegian international, who has now won the Golden Boot in successive Premier League seasons.
During his time at City, Alvarez starred in Argentina's 2022 World Cup triumph and also lifted the Copa America earlier this summer.
His arrival at Madrid follows a summer of turmoil at Atletico. Alvaro Morata joined AC Milan last month, while Memphis Depay was able to leave as a free agent. Alexander Sørloth has been signed from Villarreal and the club are still in talks with Chelsea's Conor Gallagher, although that deal is in jeopardy following the failure of Samu Omorodion's move to west London from Atletico.
