The Holland playmaker, 23, has been offered a five-year deal by the Spanish champions in a deal worth 27 million euros.

Sneijder follows another Ajax protege out of the door at the Amsterdam ArenA, after Ryan Babel left to join Liverpool.

"We are proud that we see, after Ryan Babel, another player we educated ourselves goes to an absolutely top European club," said Ajax technical director Martin van Geel on www.ajax.nl.

"Of course we find it terrible that one of our best players goes away at this moment, just before the important games in the Champions League qualifying round.

"At the same time, we could not deny Wesley Sneijder this chance."

The transfer appeared dead on Saturday when Ajax rejected an offer worth 24 million euros from Real.

Ajax had been holding out for 30 million euros, which they lowered to 27 million, but Real would not budge, until Sunday's about-turn.

Sneijder made his debut for Ajax in February 2003 aged 18 and went on to make 180 appearances, scoring 57 times.

Real recruited another Dutchman, Feyenoord's Royston Drenthe, last week as new coach Bernd Schuster continues to revamp last season's title-winning squad.

Christoph Metzelder, Pepe, Javier Saviola and Jerzy Dudek have also arrived at the Bernabeu over the summer.