Velez Sarsfield have confirmed that they have sold Ricky Alvarez to Italian giants Internazionale.
The Nerazzurri were leading Arsenal and Palermo in the chase for the attacking midfielder and they've got their man.
Velez have stated that Inter have bought 90 per cent of the player's contract for $17m – that's around €12m. Velez will keep the other 10 per cent of his registration for now.
However, Inter will be forced to buy out Velez's share once the player has made 80 first team appearances for the Italian club.
Should Alvarez leave Inter before reaching that mark, Velez will be entitled to 10 per cent of any transfer fee for him.
The 23-year-old creative player will sign a five-year contract that will reportedly be worth €1m a season.
Alvarez, who made his professional debut for Velez in 2008, is expected in Italy on Thursday to undergo his medical.
The youngster has played in 44 games for Velez in all competitions, scoring five goals in the process.