Real Madrid have confirmed agreement with Manchester City, to sign winger Brahim Diaz on a six-and-a-half-year deal.
The Spanish giants will pay City an initial fee of £15.5m for the 19-year-old, which could rise to £22m through a series of add-ons.
City have a 15% profit on any future sale, but that will rise to 40% should Madrid sell Diaz to Manchester United.
A Real Madrid statement said: “Real Madrid and Manchester City have agreed to the transfer of the player Brahim Diaz, who will be committed to the club for the remainder of the season and the next six, until June 30, 2025.
Diaz had rejected City’s offers of a new contract and was due to become a free agent in the summer.