Ajax signs Marcos Leonardo for €25M as European football’s transfer market heats up

AFC Ajax has reached an agreement in principle to sign Brazilian striker Marcos Leonardo from Saudi Arabia’s Al Hilal for €25 million. The deal, which would see the 23-year-old commit to a contract running through June 2030 or 2031, represents one of the Dutch club’s most significant transfer investments in recent memory.

The deal and the money trail

Leonardo’s career trajectory reads like a globe-trotting capital allocation exercise. He came up through Brazil’s Santos youth system, moved to Portugal’s Benfica for €22 million in January 2024, then pivoted to Saudi Arabia’s Al Hilal for a total package valued around €40 million. Now he’s heading to Amsterdam.

The €25 million fee Ajax is paying Al Hilal represents a slight premium over what Benfica paid just over two years ago. In football transfer economics, that’s essentially flat, suggesting Leonardo’s stock held steady despite a relatively brief detour through the Saudi Pro League.

Personal terms between Ajax and Leonardo have been satisfactorily negotiated as of July 12, 2026, with final negotiations with Al Hilal still being wrapped up. The deal is described as imminent.

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