Argentine club Velez Sarsfield have confirmed Arsenal target Ricky Alvarez will be playing for Inter Milan from next season.
The attacking midfielder was strongly linked with a move to the Gunners, but Inter have pipped the north London club for the 23-year-old's services.
Velez Sarsfield have announced that the Serie A outfit are to pay an initial £10.6million for 90% of the player's economical rights before an additional £896,000 is due after he makes 80 first-team appearances.
It is believed Gunners boss Arsene Wenger may have balked at Sarsfield's asking price for a youngster yet to show his worth in the European top flight.
A statement on the Argentine club's website read: "Velez Sarsfield Athletic Club announces that it has reached an agreement with the authorities of FC Inter Milan for the transfer of our player Ricardo Alvarez."
New Inter boss Gian Piero Gasperini alluded to the possibility of Alvarez' San Siro arrival to the press on Tuesday, saying: "If he came to Inter, he'd be an important reinforcement."
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