Atletico Madrid have announced the signing of forward Julian Alvarez from Manchester City.
The 24-year-old completed his medical with the La Liga giants on Monday and has put pen to paper on a six-year deal until June 2030.
Alvarez allegedly joins Atletico in a deal worth €95m (£81.3m), including an initial €70m (£59.8m) upfront fee plus €25m (£21.4m) in add-ons, which represents a club-record sale for Man City, surpassing the £50m that they received from Chelsea for Raheem Sterling in 2022.
The Argentina international's big-money transfer to Civitas Metropolitano has not been affected by the collapse of Samu Omorodion's switch to Chelsea, with contractual complications ultimately ending his chances of securing a move to Stamford Bridge.
Alvarez departs Man City after two hugely successful years at the Etihad Stadium, scoring 36 goals and providing 18 assists in 103 appearances across all competitions.
The versatile forward, who began his career with River Plate, won two Premier League titles, one Champions League, one FA Cup, one UEFA Super Cup and one FIFA Club World Cup during his time as a Citizens player.
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Alvarez: 'Man City will always have a special place in my heart'
Alvarez has since bid farewell to Man City, thanking everyone associated with the club and insisting that he 'will keep on supporting the club wherever he may be'.
A statement from the forward on Man City's official website read: "Today I say goodbye to this amazing club, with a lot of emotion. These have been two very special years. During this time, I have grown and learnt a lot - both as a player and as a person.
"To the directors and the technical staff, thank you for your confidence and support. Your teachings and vision have helped me to develop so much.
"To my teammates, thank you for every moment we have shared, for the effort and dedication in every training session and every match. I have learnt a lot from each and every one of you and I remain with memories and friendships that will last forever.
"To the fans, thank you from the bottom of my heart for the great support and for making me feel at home from the very first day. I will always be extremely proud to have been part of this family.
"Manchester City will always have a special place in my heart. I wish you every success in the future and I will keep on supporting the club wherever I may be."
You are not ready 😏 pic.twitter.com/AK5JdHNuOF
— Atlético de Madrid (@atletienglish) August 12, 2024
La Arana looking to weave his way into Atletico's first-team plans
Man City director of football Txiki Begiristain added: "Everyone at Manchester City wishes Julian all the very best with the next stage of his career - he has been a pleasure to work with.
"His attitude has been first-class since he first walked through the door here. That's why he has improved so much.
"The trophies he has won already tell their own story - he is a winner. I look forward to watching him develop further in the remainder of his career."
Alvarez has decided to seek pastures new in a bid to gain regular first-team football for Atletico after being forced to play second fiddle behind Erling Haaland during his time at Man City.
The 2022 World Cup winner and two-time Copa America champion becomes Diego Simeone's side third signing of the summer transfer window after striker Alexander Sorloth and defender Robin Le Normand, although midfielder Conor Gallagher is on the verge of becoming their fourth new arrival.
Nicknamed 'La Arana' (The Spider), Alvarez has also become Atletico's second-most expensive player of all time after Joao Felix, who moved to the Spanish giants for a reported £113m from Benfica in 2019.
Alvarez could make his debut for Atletico when they travel to Villarreal for their opening La Liga fixture of the 2024-25 season on August 19.
