The Argentine will spend the second-half of the season on-loan with the LaLiga strugglers.
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Echeverri was sent to Bayer Leverkusen in August, but struggled to make an impact. The midfielder managed just eleven appearances, six in the Bundesliga and five in the Champions League.
Echeverri made his debut for City in their losing FA Cup final to Crystal Palace last season.
His contract wih City runs to 2028.