Real Madrid have confirmed that Spanish Under-21 international Isco has joined the club from Malaga on a five-year contract.
The midfielder becomes Real's third summer signing after Dani Carvajal arrived from Bayer Leverkusen and Casemiro completed a permanent deal.
"Real Madrid and Malaga have reached an agreement for the transfer of Francisco Roman Alarcon Isco, who will be tied to the club for the next five seasons," said a statement on Madrid's website.
Isco, who has been on international duty in the European U21 championship, will be presented on July 3 after undergoing a medical.
The 21-year-old previously admitting joining Carlo Ancelotti's side would be an 'exciting option'.
Ancelotti was on Wednesday confirmed as Jose Mourinho's successor at the Santiago Bernabeu, and had to face questions at his press conference about possible new arrivals.
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