Real Madrid have confirmed agreement with Manchester City to sign winger Brahim Diaz on a six-and-a-half year deal.
Sky Sports News understands Real 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 per cent profit on any future sale, but that will rise to 40 per cent should Madrid sell Diaz to Manchester United.
Diaz had rejected City's offers of a new contract and was due to become a free agent in the summer.
He had only managed five Premier League appearances for the reigning champions, all of which came last season, and a total of 15 senior outings for the club since his debut in 2016.
Diaz, who joined the club from Malaga's academy, found his opportunities limited by the arrival of senior internationals Raheem Sterling, Leroy Sane and Riyad Mahrez.
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.
"After a medical examination to be held tomorrow, Monday January 7, the player will be presented at 1:30pm at the Santiago Bernabeu stadium."
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