La Liga giants Atletico Madrid are close to finalising a deal with Manchester City to sign Argentine striker Julian Alvarez this summer, according to a report.

The 24-year-old is one of several South American players City have acquired in recent seasons, and would be the latest to leave for a substantial profit after enjoying considerable success with the club.

Despite largely playing as a backup to Erling Haaland, Alvarez has contributed to City's achievements, helping the club win two Premier League titles, the FA Cup and the Champions League.

Last season, Alvarez made 54 appearances for City, scoring 19 goals and providing 13 assists, while he also played a vital role in Argentina's victory at the 2022 World Cup in Qatar and the Copa America this year.

However, having never managed to nail down a guaranteed starting role under Pep Guardiola, the Argentine has been looking for a move away from the Etihad Stadium and it seems that his next destination could be La Liga.

Atletico Madrid on the verge of Alvarez signing

According to The Athletic, Diego Simeone's side are in advanced talks to sign the 24-year-old this summer and are currently negotiating his final price and payment structure.

The report adds that significant progress has been made since discussions between the clubs commenced last week, and the potential move could see the Citizens pocket around five times the £14m they paid to acquire the player from River Plate in 2022.

While the exact amount Atletico are offering is still unclear, the reigning Premier League champions are said to have set Alvarez's valuation at £75m, with an additional £10m in performance-based bonuses.

It is understood that the Argentine attacker is keen on a move to Spain this summer and personal terms have already been agreed upon between the player and the La Liga outfit.

The Daily Mail suggest that Simeone's side are considering including Joao Felix as part of the deal to bring the 24-year-old City forward to Estadio Metropolitano ahead of the new season.

City are believed to have tried to sign Felix before he was sent on loan to Chelsea in January 2023.

Uncertain future for Joao Felix under Simeone

Felix has featured for Atletico in pre-season after representing Portugal at Euro 2024, but his future in Madrid remains uncertain.

The 24-year-old signed for Atletico in a blockbuster £119m deal from Benfica in 2019 but has struggled to meet expectations, and his relationship with Simeone has become strained in recent years.

When asked about Felix in a recent interview with the media, Simeone said: "Joao Felix is Atletico Madrid player, and as long as he is with Atletico, we will evaluate him based on how he works, just as we do with all the players on the team.

Felix, who scored four goals in 20 games for Chelsea, spent last season on loan at Barcelona, where he scored 10 times in 44 appearances.

The Portugal international's current deal with the La Liga giants runs until the summer of 2029.