Atletico Madrid has agreed a deal with Manchester City worth an initial €75million (£64m) for Julian Alvarez, which will see him leave Manchester City just two-and-a-half years after his arrival from River Plate in 2022.
The striker's hefty fee could rise as high as €95m (£81m) with performance-based add-ons.
Although the English champions were keen to keep hold of the Argentina star, Alvarez is belived be motivated by a move to increase his playing time.
Diego Simeone has been one of Alvarez's most ardent admirers, but the 24-year-old had previously attracted interest from a host of top clubs, including Premier League rivals Chelsea.
But Atletico's interest ramped up in recent days, with the club even mulling the possibility of including Joao Felix as a makeweight in a bid to get the transfer over the line.
Mail Sport reported on Monday that Felix could have been offered to Pep Guardiola's side on loan with an option to buy.
City had previously held an interest in the Portuguese forward which pre-dates his checkered loan spell at Chelsea in 2023.
More to follow.