The La Liga team will pay 95 million Euros for the Argentine striker. Approximately 75 million Euros will be paid upfront, with the remaining amount based on future performance.
This is the record-breaking transfer fee for Man City and a massive profit compared to the 14 million pounds they spent to sign Alvarez from River Plate in January 2022.
According to ESPN, Alvarez has not yet agreed on personal terms with Atletico, but this is understood to be a mere formality.
According to a source, The Citizens do not want this 24-year-old player to leave, after scoring 36 goals in 103 matches over the past two years. The 2022 World Cup champion made a significant contribution to Man City's treble in 2023 and another Premier League title the previous season.
However, the prospect of Alvarez replacing Erling Haaland to become Pep Guardiola's number one striker is very uncertain. The Argentine striker himself wants to play more often and Man City is also satisfied with Atletico's offer.
Man City signed Brazilian winger Savinho this summer, but this is expected to be a relatively quiet transfer window for the Premier League champions.
However, with Alvarez preparing to leave, they will have to decide whether to find a new striker to support Haaland or not. The Norwegian player was absent for two months of the previous season due to injury, allowing Alvarez to make 54 appearances across all competitions.
The 24-year-old player was only absent for two of Man City's 38 Premier League matches last season, scoring 11 goals.
