Atletico Madrid has finalized an £81.5m agreement to acquire forward Julian Alvarez from Manchester City.
The total fee consists of an upfront payment of £64.4m (75m euros), along with an additional £17.1m (20m euros) in potential performance-related bonuses.
This transaction would set a new record for City, exceeding the £50m Chelsea spent on Raheem Sterling in 2022.
Alvarez mentioned he would wait until Argentina’s participation in the 2024 Olympics football concluded before deciding on his future. The team faced elimination at the hands of the host nation, France, last Friday.
Manager Pep Guardiola expressed a desire to retain the 24-year-old, stating earlier in August that he “counted” on Alvarez for the upcoming season.
“I count on him, but he mentioned in the media that decisions will be made collectively,” Guardiola remarked.
However, similar to previous instances involving Ilkay Gundogan, Riyad Mahrez, and Aymeric Laporte, City will allow players who wish to depart to do so.
Atletico, who have also reached an agreement to sign Chelsea midfielder Conor Gallagher, have yet to finalize personal terms with Alvarez.
The Argentine forward, who joined City in 2022 for £14.1m from River Plate, has netted 36 goals in 106 appearances for Guardiola’s team.
During his inaugural season at the Etihad, Alvarez won the Treble and played a role in Argentina’s World Cup triumph in Qatar mid-season.
