Manchester City and Atlético Madrid have agreed a deal for striker Julián Álvarez, a source told ESPN.
The La Liga club are expected to pay up to €95 million ($104 million) for the Argentine striker, with around €75 million ($82 million) due up front and a further €20 million ($22 million) in performance-related add-ons.
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For City, this is a record departure of a player and a huge gain compared to the €17 million the company paid for the rights to Álvarez when he arrived from River Plate in January 2022.
Sources have told ESPN that Álvarez has not yet agreed on personal terms with Atlético, but that it is only a formality.
According to a source, City were reluctant to let the 24-year-old leave 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 Álvarez having little chance of replacing Erling Haaland as Pep Guardiola's first-choice striker and desperate to sign a regular 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 otherwise expected a quiet summer transfer window.
However, with Álvarez expected to leave, they will have to decide whether to find another replacement for Haaland. The Norwegian striker missed two months last season through injury, meaning Álvarez made 54 appearances in all competitions.
Álvarez only missed two of City's 38 Premier League games, but scored eleven league goals.
Information from Rodrigo Faez of ESPN contributed to this report.
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