The Spanish giants opened negotiations for Alvarez earlier this week and they have reached a quick deal with the Premier League champions.

Diego Simeone 's side have agreed to pay €75m up front for the World Cup winner with a further €20m in the form of performance add-ons.

Alvarez has already given the green light for a move to Atletico and he is expected to undergo his medical tests with them this week.

His expected arrival at Atletico is set to coincide with the departure of Samu Omorodion . The Spanish ace is on his way to Chelsea .

The 20-year-old has been linked with the Blues for the past few weeks and they have finally made the breakthrough after long discussions.

Omorodion will join the Blues for around €40m. Atletico were eyeing a higher fee, but have accepted his sale after the outlay on Alvarez.

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