Manchester City are closing in on the signing of midfielder Claudio Echeverri from River Plate, a source has told ESPN.

City have held formal talks with the Argentine side and are nearing an agreement for the 17-year-old midfielder.

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If a deal is reached, it's likely that Echeverri would be loaned back to River Plate until at least the end of the Premier League season. It would be a similar arrangement to the one which eventually brought Julián Álvarez to Man City.

Álvarez was signed from River Plate in January 2022 but remained in South America until the following summer. He made his Premier League debut in August 2022 and has gone on to win the Premier League title, FA Cup, Champions League, Super Cup and Club World Cup.

He was also part of the Argentina team which won the 2022 World Cup in Qatar.

Echeverri, who sources have told ESPN was also receiving interest from Barcelona, is highly-rated and starred for Argentina at the under-17 World Cup earlier this month.

He has indicated to River Plate that he is unlikely to sign a new contract with his existing deal set to expire in December 2024.

City are not expected to make first-team signings during the January window but there could be departures from Pep Guardiola's squad.

Kalvin Phillips is keen to move to find regular first-team football and is wanted by both Juventus and Newcastle. There has also been interest in defender Sergio Gómez and goalkeeper Zack Steffen.

The return of Kevin De Bruyne is set to give City a boost in January. The midfielder hasn't played since the opening weekend of the season because of a hamstring injury but returned to training during the the trip to Saudi Arabia for the Club World Cup.