Exclusive: How much Atletico Madrid are ready to pay Julian Alvarez as terms agreed with Man City attacker

• EXCLUSIVE WITH GRAEME BAILEY

Any hopes Arsenal had of landing Julian Alvarez from Manchester City appear to be over before things ever really got going.

Alvarez is wanting out of Man City after finding himself behind Erling Haaland and unwilling to spend another season as a second striker.

For City, they’re seemingly happy to let him go as long as their asking price of around £70m is met.

Earlier, reports suggested that Arsenal were willing to pay £70m for the Argentinian as they look to solve their long-standing number nine issues.

However, TBR Football now understands that Alvarez is close to reaching an agreement with Atletico Madrid, with huge wages on offer.

Atletico Madrid to pay Julian Alvarez huge money to sign over Arsenal

TBR Football understands that Julian Alvarez has indeed agreed terms in principle with Atletico Madrid and he believes he will be moving to the Spanish capital in the coming days.

Manchester City have previously been firm in their stance that Alvarez was not for sale, but Atletico opened talks last month and now they have made a breakthrough.

TBR has been told that a deal close to £70m is close to being finalised.

TBR can confirm that Alvarez is set to earn over £200,000-a-week and that will place him only behind club legends Jan Oblak and Antoine Griezmann.

Alvarez will be hoping to follow in the footsteps of many a world class striker at Atletico over the years.

The red side of Madrid has been the home to the likes of Fernando Torres, Radamel Falcao, and Sergio Aguero.

City, meanwhile, are likely to look to the market now to get a replacement although it remains to be seen just who they might target.

Pep Guardiola’s side have had a quiet summer really but with money now incoming, they could well make their move.