Velez confirm Alvarez sale to Inter
Velez Sarsfield have confirmed the sale of Ricardo Alvarez to Inter Milan for a fee of $17 million (£10.6 million).
Alvarez had been strongly linked with a move to Arsenal only for Inter to emerge as favourites to land his signature.
A fee has now been agreed for 90% of the player's contract, with the midfielder reported to be set to undergo a medical and agree personal terms on Thursday.
Inter will buy out Velez's remaining 10% share once the player has made 80 first team appearances for the Serie A club.
Alvarez, 23, who made his Velez debut in 2008 and went on to play 44 times for the club, has received many plaudits for his recent displays in the Argentine Primera Division.