The versatile left-sided player will have his medical in the next few days and if he passes will sign a five-year contract.

Drenthe, 20, was linked with Chelsea and is one of Dutch football's hottest prospects, able to play anywhere down the left-hand side of the pitch.

He was named as the player of the tournament at this summer's Under-21 European Championship, but Feyenoord were reluctant to sell until Madrid met their undisclosed valuation.

Drenthe had been preparing to take his hometown club to the Court of Arbitration for Sport to seal a move away.