The Spanish midfielder has long been linked with a move away from La Rosaleda, with reports suggesting both Madrid and Manchester City were interested in the 21-year-old.

However, Perez confirmed that an agreement has been reached for Isco to move to the Bernabeu, provided he passes his medical with the club. 

"There is an agreement with the club and the player," Perez told Radio Nacional.

"Isco will be presented next week, just need to overcome the medical examination."

It had been suggested that Isco would look to link up with former Malaga boss Manuel Pellegrini at the Etihad Stadium, however, the UEFA European Under-21 champion looks set to move to Madrid in a deal believed to be worth around €27 million. 

Isco would be the second Madrid signing of the close-season, with Dani Carvajal also recently rejoining the club from Bayer Leverkusen.