Real Madrid president Florentino Perez said on Wednesday that a deal for Malaga midfielder Isco has already been agreed with the selling club and the player himself.
The Spanish U-21 international admitted last week he had an offer on the table from Madrid and Perez confirmed he just needs to pass a medical before the deal can be completed.
"There is already an agreement with the club and the player," he told Spanish National Radio on Wednesday.
"Isco will be presented next week, he just needs to pass the medical."
The former Valencia man will become Madrid's first major signing of the close season with Real set to pay around 30 million euros ($39 million, £25.5 million) for his services.
Isco will also be the first player to arrive in Carlo Ancelotti's reign as coach after he was presented to the media at the Santiago Bernabeu earlier on Wednesday and Ancelotti hailed his recent performances as Spain won the Under-21 European Championships in Israel.
"I can only speak about his quality. He is very good, the Spanish U-21 team has great players and he is the one with the most talent. Isco could play in any team."