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 as he helped guide Velez Sarsfield to the 2011 Clausura title
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