Julián Álvarez has sealed a move to Atlético Madrid after two years with Manchester City, the Spanish club announced on Monday.

A source told ESPN that City will receive 82 million ($104m) for the Argentina international.

It represents a record sale for City and a strong return on investment for a player they paid 14m for in January 2022.

Álvarez was immediately loaned back to River Plate before formally moving to the Etihad Stadium ahead of the 2022-23 season. While Álvarez was unable to claim Erling Haaland's spot in the starting lineup, his versatility and effectiveness off the bench saw him register 17 goals and five assists in City's treble-winning campaign.

Haaland's injury last season saw a jump in playing time for Álvarez -- in 54 appearances in all competitions, he scored 19 goals. But, it was always unlikely he would become the first-choice striker ahead of the Norway international, who has now won the Golden Boot in successive Premier League seasons.

During his time at City, Álvarez starred in Argentina's World Cup triumph in 2022 and also lifted the Copa América earlier this summer.

His arrival in Madrid sees Atlético's summer of upheaval continue. Álvaro Morata joined AC Milanlast month while Memphis Depay was allowed to leave as a free agent. Alexander Sørloth has been signed from Villarreal and the club remain in talks with Chelsea's Conor Gallagher, though that deal is in jeopardy after Samu Omorodion's move to west London from Atlético collapsed.