Personal terms with Alvarez have reportedly been settled, with the transfer involving an initial fee of £64.4 million, plus an additional £17.1 million in potential add-ons.
In a related development, Chelsea midfielder Conor Gallagher has agreed to join Atletico Madrid for £33 million.
Omorodion, 20, joined Atletico last summer shortly after making his La Liga debut for Granada, where he scored against Atletico. Following his signing, Atletico loaned him to Alaves, where he netted eight goals in 35 appearances last season. Currently, he is participating in the Olympics, where he has scored once during Spain’s run to the final.
This summer, Chelsea has invested approximately £115 million in players, including midfielders Kiernan Dewsbury-Hall, Renato Veiga, and Omari Kellyman, as well as goalkeeper Filip Jorgensen, defenders Tosin Adarabioyo and Caleb Wiley, winger Estevao Willian, and striker Marc Guiu.
The club has also sold defenders Ian Maatsen and Lewis Hall, along with forward Omari Hutchinson. Additionally, Hakim Ziyech, Malang Sarr, and Thiago Silva have departed on free transfers, while Gallagher is close to completing his move to Spain.
The situation surrounding Romelu Lukaku remains uncertain, as the Belgian striker has spent the last two years on loan in Italy and has expressed a desire to leave the club.
