Premier League champions Manchester City and Atletico Madrid have agreed a deal for Julian Alvarez worth up to £82 million (€95 million).
Talks have been progressing well between the clubs over the last 24 hours.
Atletico will pay £64 million upfront (€75 million) with the remainder of the fee coming in add-ons, and it will be a record sale for City.
It represents a huge profit on the £14 million the Premier League champions paid River Plate for the Argentina forward in January 2022.
Personal terms still have to be agreed, although this is not expected to be a problem, Sky Sports reports.
Alvarez has made 103 appearances for City since arriving at the Etihad Stadium two and a half years ago, scoring 36 goals.
The Argentina striker won two Premier League titles, as well as the FA Cup, Champions League, Super Cup, and Club World Cup titles all in 2023.
Transfer: Atletico move for Alvarez as Chelsea accept Gallagher deal
During his time at City, he also won the 2022 World Cup with Argentina, as well as the Copa America earlier this year.
Alvarez’s imminent sale to Atletico could also impact Chelsea’s transfer business, both in and out.
Chelsea’s deal to sign Samu Omorodion deal hinges on Atletico getting a striker replacement, which looks likely to be Alvarez.
Conor Gallagher is also still on standby to fly to Madrid as Atletico and Chelsea continue negotiations over Omorodion.
The fee being discussed for Omorodion – a top striker target of Chelsea’s – is similar to Gallagher (£34 million), in the region of £35 million.
The 2024 summer transfer window officially closes on August 30 at 11 p.m. UK time in the Premier League and 11:30 p.m. in Scotland.
The Premier League has brought forward Deadline Day to link up with the other major leagues in Europe. The closing dates were set following discussions with the leagues in England, Germany, Italy, Spain, and France.
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