The Citizens are yet to officially announce the 21-year-old's arrival, but Italian journalist Fabrizio Romano has claimed that a move to take the attacker from River Plate to the Etihad Stadium is complete.
According to Romano, Man City will pay €18.5m (£15.5m) for the forward, who has agreed a contract with Pep Guardiola's side until June 2027 but will remain on loan at River until July.
Man United were also linked with the South American earlier this month, but it is alleged that the 20-time English champions were 'never close' to securing his signature.
Alvarez has scored 36 goals and registered 25 assists in 96 appearances for River, while he has been capped on five occasions by Argentina.
The attacker will allegedly link up with the reigning Premier League champions for their pre-season preperations ahead of the 2022-23 campaign. body check tags ::