Julián Álvarez has signed for Atlético Madrid from Manchester City in reported deal worth approximately $104 million, the Spanish club announced on Monday.

The Argentine forward has signed a six-year contract with the Spanish side. According to British media, Atleti will pay an initial $82m (£64m) for Álvarez, with a further $22m (£17m) in potential add-ons.

CNN has reached out to City and Atlético to confirm the reported transfer fee.

“New challenges, with the same people as always,” Álvarez posted on Instagram after sealing his move to the Spanish capital.

Álvarez initially signed for City in 2022 having impressed with River Plate back in Argentina.

In his two seasons with the English giant, the 24-year-old made 103 appearances in all competitions for the Citizens, scoring 36 goals and providing 18 assists.

He was a key member of City’s squad, playing an important role in the team winning six major trophies during his time there, including the history-making treble winning side in the 2022/23 season.

Álvarez expressed his gratitude to City, writing that he was saying “goodbye to this marvellous club with a lot of emotions.”

“These were two very special years. During this time, I grew and learned a lot as a player and person,” he wrote on his Instagram.

“Manchester City will always have a special place in my heart. I wish you all the success in the future and I will keep supporting this club wherever I am.”

Álvarez is an Argentina international, having represented his nation when it won the 2022 World Cup.

He has earned 36 caps for the Albiceleste, scoring nine goals. He has been part of two Copa América-winning sides, most recently earlier this year, and also played in the 2024 Paris Olympic Games.

Now, he will join Atlético where he will wear the No. 19 shirt and be managed by head coach Diego Simeone.

The club has already signed Norwegian forward Alexander Sørloth from Villarreal as it looks to bolster its attacking frontline.

After having a somewhat disappointing season last year – the Colchoneros finished fourth in La Liga and were knocked out of the Champions League in the quarterfinals – Álvarez and Sørloth will be expected to bring the goals needed to improve the team’s fortunes in the 2024/25 campaign.

Atlético begins its La Liga campaign on August 19 away against Villarreal.