Julian Alvarez is set to leave Manchester City for Atletico Madrid, with the English champions poised to earn a significant profit on the Argentine in a deal worth up to 95 million euros (£81 million, $104 million), according to widespread reports on Tuesday.
Alvarez, 24, was signed by City for just £14 million from River Plate in January 2022 and has since experienced a rapid rise, contributing to Argentina’s World Cup and Copa America triumphs, and winning two Premier League titles and the Champions League at the club level.
Initially loaned back to River Plate for six months, Alvarez netted 36 goals over two seasons with City as Pep Guardiola’s team became the first to win four consecutive English top-flight titles. Despite his success, he often played second fiddle to Erling Haaland.
City will benefit from a club record sale but may need to enter the market in the final three weeks of the transfer window to find a backup for Haaland.
With Spain captain Alvaro Morata moving to AC Milan, Alvarez will likely be the main striker in the Spanish capital, where he will play under fellow Argentine Diego Simeone.
Atletico Madrid is strengthening its squad to challenge Real Madrid and Barcelona for the top spots in La Liga after finishing fourth last season. They have already signed Euro 2024 winner Robin Le Normand and Norwegian forward Alexander Sorloth.
Chelsea’s Conor Gallagher is also nearing a move, with the England international having traveled to Madrid to finalize a £33 million transfer.