The promising youngster had long been linked with a move to the Champions League holders and the deal has now been finalised
Real Madrid have announced on their official website that they have completed the transfer of promising youngster Marco Asensio from Real Mallorca for an undisclosed fee.
The 18-year-old has signed a contract with the Santiago Bernabeu side for six seasons but will stay with his current club until the end of the 2014-15 campaign.
“Real Madrid and RCD Mallorca have reached an agreement over the transfer of Marco Asensio, who will commit to Madrid for six seasons,” a statement on the Madrid website reads.
“The player will continue with Mallorca until the end of the season.”
Asensio is regarded as one of the biggest talents in Spain in his age category and made his official first-team debut for Mallorca in October 2013.
The winger has since developed into an important player at the Segunda Division club, scoring three goals in 14 league appearances this term, while creating six more.
Asensio, who has a Dutch mother, has represented Spain at Under-19 level.