Manchester City have sold Julián Álvarez to Atlético Madrid in a deal worth €95m (£81.5m), with the Argentina World Cup-winner becoming the Premier League champions’ record sale. The La Liga club will pay an initial £64.4m for the striker, with a further £17.1m in potential add-ons based on numerous clauses.

Álvarez, who scored 36 goals in 103 appearances for City, becomes the second-most expensive signing in Atlético’s history, after João Félix, who is of interest to Aston Villa and Chelsea. Álvarez scored 19 goals as City won the league for the fourth season in a row under Pep Guardiola.

Related: Manchester City show they have the rising stars to replace Álvarez from within

The sale of Álvarez, used primarily as backup to Erling Haaland last season, represents a significant piece of business for City, with the club earning a huge profit on the £14m they paid River Plate in January 2022.

City have generated more than £130m from player sales this summer, with Taylor Harwood-Bellis, Liam Delap, Sergio Gómez, Tommy Doyle, Micah Hamilton and Alex Robertson departing for fees. The £30.8m signing of the Brazil midfielder Savinho from Troyes remains their sole addition.

Álvarez said City – where he won six major trophies during his two-year stay – will always “have a special place” in his heart. “Today I say goodbye to this amazing club, with a lot of emotion,” he said. “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.”

Guardiola said last week that City would discuss the merits of trying to replace Álvarez. They are mindful they may struggle to identify value for money or the same calibre of player. The continued emergence of Oscar Bobb and James McAtee coupled with Savinho could ease the need for attacking reinforcements.

Atlético have confirmed Álvarez has signed a six-year deal with the club. The La Liga side have already recruited the Norway forward Alexander Sorløth and the Spain centre-back Robin Le Normand this summer.