Manchester City have accepted an offer worth up to £81.5m from Atletico Madrid for in-demand forward Julian Alvarez.
Atletico have agreed to pay £64.5m up front plus an additional £17m in additional fees depending on their and Alvarez’s subsequent performance.
The Argentina international, 24, is still to agree a contract with the Spanish club but admitted last week that he was considering a move.
If completed, the transfer would represent a profit of more than £65m on a player City bought from River Plate in his homeland for £14m in 2022.
Alvarez has won two Premier League titles, an FA Cup, Champions League and Club World Cup since joining City from River Plate for £14m.
Despite scoring 20 goals in 67 appearances, however, he has largely had to make do with playing second fiddle to prolific first choice striker Erling Haaland.
Alvarez signed a contract extension last year that could keep him at City until summer 2028, but let on while representing Argentina at the Paris Olympics that he was open to a transfer.
“There is a lot of talk. I am focused here because it is a short tournament,” he said.
“At Manchester City I feel very good, I played a lot of minutes. But we will see after the Games. First, if I can, I will take a few days off. Then we will decide.”
The versatile forward’s involvement in the Olympics ended when Argentina lost to hosts France on Friday.
Alvarez could be the second Premier League player to join Atletico Madrid this week, with England midfielder Conor Gallagher set to move from Chelsea.