The attacking player from Argentina will move to Atletico in a deal worth a crazy €95 million.
They will pay a fee of €75 million plus an extra €20 million.
This fee is more than the €56.2m that Man City got back for Raheem Sterling when he went to Chelsea in 2022, making it the biggest sale in the club's history.
He moved to Barcelona for €55 million in 2022, another big deal. In the same year, Gabriel Jesus left for Arsenal for €52.5 million.
So far, Sterling, Torres, and Jesus have all not lived up to the hype.
It was Alvarez's dream to move to Spain, but he was unhappy at Man City because he wasn't getting enough playing time, especially in big games.
Alvarez's move to Atletico has unintentionally set off a chain of transfers. Samu Omorodion is now going to Chelsea, and Chelsea has agreed to sell Conor Gallagher to Atletico.
Alvarez at Manchester City
He was one of the most sought-after players in South America when he signed Manchester City from River Plate in 2022 for €17 million.
Erling Haaland was Pep Guardiola's first-choice striker, so even though he was an important part of the team, he was mainly used as a replacement or on the bench.
Despite not playing much, he still scored 36 goals in all competitions for City, helping them win the treble in his first season and six titles.
Alvarez was also critical to Argentina's win at the 2022 World Cup; he scored three goals that helped them win in Qatar.
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