Atletico Madrid are nearing an agreement with Manchester City to sign forward Julian Alvarez, according to The Athletic.
Although the deal is not yet finalized, both clubs are in advanced talks, focusing on negotiating the final price and payment terms.
Significant progress has been made since discussions began last week.
If the move goes through, the transfer fee is expected to exceed the £14 million City paid River Plate for Alvarez in January 2022 by at least five times.
Alvarez is eager to make the switch to the Spanish capital, and personal terms are not anticipated to be an issue.
The 24-year-old, who has been one of several South American talents recruited by Manchester City, would become the latest player to leave the club for a substantial profit after achieving considerable success.
During his time with City, Alvarez helped secure two Premier League titles, an FA Cup, and a Champions League trophy, although he often played a secondary role to first-choice striker Erling Haaland.
Last season, Alvarez made 54 appearances across all competitions for City, contributing 19 goals and 13 assists.
He also played a pivotal role in Argentina’s victory at the 2022 World Cup in Qatar and has won the Copa America twice.
Alvarez has earned 36 caps for his country.
The potential transfer of Alvarez has led Atletico Madrid to reconsider their stance on selling Samu Omorodion.
Chelsea are pursuing Omorodion, with a fee around €40 million (£34.4 million) being discussed.
In June, Chelsea had an offer of €32.5 million (£27.4 million) plus add-ons rejected for the Spanish forward.
Omorodion, 20, spent last season on loan at Deportivo Alaves, where he scored nine goals and provided one assist, helping the team secure a 10th-place finish in La Liga.
This transfer pursuit is separate from ongoing negotiations between Chelsea and Napoli regarding Romelu Lukaku and Victor Osimhen, which are expected to continue.
Additionally, David Datro Fofana and Armando Broja are anticipated to leave Stamford Bridge this summer in permanent moves.
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