"Julian Alvarez Set to Join Atletico Madrid; Conor Gallagher Nears Chelsea Departure"

Atletico Madrid have struck an agreement over personal terms with Manchester City striker Julian Alvarez and are prepared to finalise a blockbuster transfer, reports have revealed.

A fee of €95m (£81.5m) was agreed between Atletico and City on Tuesday but the Spanish side still needed to strike a deal over a contract with Alvarez, who also had an offer from Paris Saint-Germain which was believed to be more lucrative.

After extra rounds of negotiations, Fabrizio Romano states that Alvarez has now shaken hands on a five-year contract at the Wanda Metropolitano and a transfer has now been approved by everyone involved.

Alvarez's move will start a domino effect which will also see them green-light a move for Chelsea midfielder Conor Gallagher.

Chelsea will receive a fee of €42m (£36.1m) for Gallagher, who has now been given permission to travel to Madrid and undergo a medical which has been scheduled for Wednesday.

As part of the negotiations between Chelsea and Atletico, the Blues are expected to complete the signing of 20-year-old Samu Omorodion.

Atletico want to sell Samu to help fund their move for Alvarez and have accepted a bid worth £35m, but initially delayed the final approval of the deal while they awaited a positive response from the City striker.

Now that Alvarez has agreed terms, Gallagher and Samu are free to swap places in two separate transfers.

Alvarez will become City's record sale, with the Premier League champions set to record a £67.4m profit on a player who only joined the club two years ago.