Atletico will pay £64 million up front (€75 million), with the remainder of the fee coming from performance-related add-ons.
This transfer marks a record sale for Manchester City and represents a significant profit on the £14 million they spent to acquire the Argentine forward from River Plate in January 2022.
Since joining City, Alvarez has made 103 appearances and scored 36 goals.
The Argentine international has achieved considerable success during his time at the Etihad Stadium, winning two Premier League titles, the FA Cup, the Champions League, the Super Cup, and the Club World Cup—all in 2023.
Additionally, he secured the 2022 World Cup with Argentina and the Copa America earlier this year.
