The 22-year-old Uruguayan midfielder joined Sporting CP from Famalicao in 2021, for just €3 million. His xTV (Expected Transfer Value) now stands at €21.1m, with his contract up in 2026.
Of course, his current side will demand a premium - an amount likely much higher - given the current level of interest in the player, while his displays against Arsenal this season in the Europa League, a red card withstanding, truly highlighted his capabilities and his potential to a wider audience.
Sporting may well look to sell during the summer window as they don’t have other star names to offload - unlike bitter rivals Benfica who have the likes of Antonio Silva and Goncalo Ramos. The temptation to cash in on Ugarte will be strong.
Where he eventually ends up is anybody’s guess right now, but the race for his signature is likely to be hotly contested.