Manchester City and Atletico Madrid have reached an agreement for the transfer of Julian Alvarez, with the Spanish club paying up to £82m (€95m) for the Argentine forward.

The deal, which includes an initial payment of £64m (€75m) and additional fees in add-ons, marks a record sale for Manchester City.

Alvarez’s transfer represents a significant profit for Manchester City, who signed him from River Plate in January 2022 for £14m.

During his time at the Etihad Stadium, Alvarez made 103 appearances, scoring 36 goals and winning numerous titles, including the Premier League, FA Cup, Champions League, Super Cup, Club World Cup, World Cup, and Copa America.

While personal terms are yet to be finalized, the deal is expected to be completed without any issues.

Alvarez’s move to Atletico Madrid may have a ripple effect on Chelsea’s transfer business, as the Blues’ deal to sign Samu Omorodion is contingent on Atletico securing a striker replacement, likely to be Alvarez.

Additionally, Conor Gallagher remains on standby to join Atletico, with negotiations ongoing over a potential transfer fee similar to his valuation (£34m).