Argentinian journalist César Luis Merlo is reporting that negotiations between Álvarez and Atlético Madrid have been ongoing for some time.
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The negotiations are now well advanced - and if an agreement is reached between clubs, Álvarez will sign a five-year contract.
Manchester City are said to be demanding a £60m transfer fee plus a further £17m in bonuses to let the player go.
Álvarez's contract with the English champions runs until the summer of 2028.