Fénix Born in
Montevideo, Ugarte started his football career in the youth ranks of local club City Park, before joining
Fénix's youth setup, being promoted to the first-team at the age of 15 by manager Rosario Martínez. Shortly after, he was included in the 30-man to compete in the
2016 Copa Sudamericana. Ugarte made his professional debut on 4 December 2016, replacing
Agustín Canobbio in the 83rd minute in a 4–1 league win against
Danubio. By doing so, he became the youngest ever player in the 21st century to play professionally in
Uruguay (aged 15 years and 233 days). Initially Ugarte played as a
striker, before being converted to a
midfielder. On 29 October 2020, Ugarte assisted
Luciano Nequecaur goal in the
albivioletas 3–1 over
Huachipato in the first leg of the
2020 Copa Sudamericana. Overall, he made 57 appearances for the club and scored one goal.
Famalicão On 29 December 2020, Ugarte signed a five-year contract with Portuguese club
Famalicão for a fee of €3 million for 80% of his economic rights. He made his
Primeira Liga debut on 17 January 2021, playing the entire 2–0 victory at
Santa Clara. Despite initially not being a starter, Ugarte eventually earned a place in the team under manager
Ivo Vieira, as his versatility enabled him to play in various positions in midfield, which was found useful by his coach, as Famalicão narrowly missed on European qualification to the
Europa Conference League.
Sporting CP On 9 August 2021, Ugarte signed a five-year contract with
Sporting CP of the same league, for a fee of €6.5 million for half of his economic rights. On 14 August, he made his debut for the club, replacing
João Palhinha in the 92nd minute in a 2–1 away win against
Braga in the Primeira Liga. Ugarte scored his first goal for Sporting on 2 January 2022, opening the 2–1 home victory over his former club Famalicão. Initially signed as back-up to João Palhinha, following the latter's injury, Ugarte began having a run as starter, with manager
Ruben Amorim entrusting him Palhinha's place on 3 December in the 3–1 away victory against rivals
Benfica in the
Lisbon derby. His impressive performances and quick adaptation to the team earned him praise from his manager, as he began to play more regularly and threaten Palhinha's starting position.
Paris Saint-Germain On 15 June 2023, in an interview with Portuguese newspaper
Record, Ugarte confirmed that he would be joining
Ligue 1 side
Paris Saint-Germain. On 7 July 2023, PSG officially announced that he had joined the club on a five-year contract until 30 June 2028. The transfer fee was reported to be €60 million, with PSG triggering Ugarte's release clause. He made his debut in a 0–0 draw against
Lorient at the
Parc des Princes on 12 August. In August 2023, Ugarte was one of three nominees for the
UNFP Player of the Month award. In his first four Ligue 1 matches, he registered 41 ball recoveries, the most in the league. The only player bettering Ugarte's statistic after the first four Ligue 1 matches of the season since the 2006–07 season was former PSG midfielder
Thiago Motta with 47 ball recoveries. For his performances in August and September, Ugarte was described as a "revelation" of PSG's early season by
Le Parisien and ''
L'Équipe.'' However, after the first two months of the season, Ugarte progressively lost his place as a starter. It was reported in the media that manager
Luis Enrique deemed that he did not correspond to his style of play. Ugarte would make frequent appearances as a substitute for the rest of the season, amid occasional starts. PSG went on to complete a domestic treble by winning Ligue 1, the
Coupe de France, and the
Trophée des Champions.
Manchester United Ugarte signed for
Premier League side
Manchester United on 30 August 2024, signing a five-year contract with an option for a year extension. The transfer fee was reported to be €50 million, potentially increasing to €60 million with add-ons. He made his debut for United on 14 September, appearing for 17 minutes in a 3–0 win over
Southampton. On 22 February 2025, Ugarte scored his first goal for Manchester United, an equaliser after coming from 2–0 down, helping his team draw 2–2 with
Everton in United's final match at
Goodison Park. On 17 April 2025, Ugarte netted the opening goal in the
Europa League quarter-final second-leg against
Olympique Lyon, with United eventually progressing after a dramatic 7–6 victory on aggregate. ==International career==