Manchester City have confirmed the £81m departure of Julian Alvarez as the Argentine joins Atletico Madrid on a six-year contract.

The 24-year-old ends his two-and-a-half year association with the Premier League champions where he has won several top honours including a first Champions League title under Pep Guardiola.

Alvarez touched down in the Spanish capital on Sunday after being granted permission to travel for a medical once a financial deal between the two clubs was agreed.

City confirmed the World Cup winners departure on Monday afternoon at the same time as Atletico stated his arrival following an agreement that see's a top rising talent depart English football.

Alvarez has signed a six-year deal that will see him become a key figure in Diego Simeone's squad, while Atletico are also continuing to do business with Chelsea on other players.

Meanwhile, City will bank a huge profit on a player they previously scouted from Argentinian team River Plate for just £14m in 2022 after being spotted as a future talent in South America.

The talented forward scored 36 goals and registered 18 assists in 103 appearances across all competitions for City and, although the English champions were keen to see him stay, Alvarez is believed to be motivated by a move to increase his playing time.

Erling Haaland's rise to becoming one of the world's best strikers at the Etihad further dropped Alvarez into playing a more rotational squad fold, while the Norwegian was more regularly trusted in the biggest of matches.

His departure marks a club record sale for City and Alvarez shared a heartfelt goodbye with club supporters that have watched him over the years. 

Reflecting on his time at the club, Alvarez said: 'Today I say goodbye to this amazing club, with a lot of emotion. These have been two very special years. During this time, I have grown and learnt a lot - both as a player and as a person.

'To the directors and the technical staff, thank you for your confidence and support. Your teachings and vision have helped me to develop so much.

'To my teammates, thank you for every moment we have shared, for the effort and dedication in every training session and every match. 

'I have learnt a lot from each and every one of you and I remain with memories and friendships that will last forever.

City's Director of Football Txiki Begiristain further added: 'Everyone at Manchester City wishes Julian all the very best with the next stage of his career – he has been a pleasure to work with.

'His attitude has been first-class since he first walked through the door here. That's why he has improved so much.

'The trophies he has won already tell their own story – he is a winner. I look forward to watching him develop further in the remainder of his career.'