The Spanish club took to social media to announce their capture of the World Cup winner's signature.
Alvarez, who has also won two Copa America titles, leaves Man City after two seasons with the reigning Premier League champions.
The 24-year-old won almost everything under the guidance of Pep Guardiola (one FA Cup, two Premier League titles, the Champions League, the Super Cup and Club World Cup).
At the Etihad, Alvarez made 103 appearances, scoring 36 goals and providing 18 assists.
Although his time at City has been undoubtedly a success, the player has decided to leave with in intention of seeking more minutes.
Atletico, from another perspective, wanted a striker to join Alexander Sorloth, who recently joined their squad.
The transfer window has been more than positive for the Madrid club, who have already added names such as Robin Le Normand and Sorloth.
In Spain, Alvarez will join a fast-paced attack that combines power with effectiveness. An exciting project indeed. not rule out more reinforcements.
