Real Madrid have reached an agreement to sign Palmeiras forward Endrick, with the 16-year-old sensation set to join the Champions League holders in July 2024.

Endrick scored three goals in seven appearances as Palmeiras won the Brazilian top flight in 2022, having become the first player born in 2006 to play a Brasileiro game in October.

The left-footed attacker cannot officially join a European side until he turns 18 in July 2024, but that has not stopped several of the continent's biggest clubs – including Paris Saint-Germain and Chelsea – from being credited with an interest in him.

However, Madrid have won the race for Endrick's signature after reportedly offering €70million for his services, while it has been suggested he will sign an initial three-year contract with an option for three further years.

A Madrid statement said: "Real Madrid CF, Sociedade Esportiva Palmeiras, Endrick and his family have reached an agreement whereby the player will be able to join Real Madrid when he comes of age in July 2024.

"Until then, Endrick will continue his training at Palmeiras. The player will travel to Madrid in the coming days to visit our club's facilities."

Upon his arrival at the Santiago Bernabeu, Endrick will hope to follow in the footsteps of compatriots Vinicius Junior and Rodrygo, who both joined the cub in similar circumstances.

Madrid agreed to sign Vinicius and Rodrygo when the duo were aged 16 and 17 respectively, with both going on to play key roles in their 14th European Cup/Champions League triumph last term.

While Palmeiras refused to reveal the financial details of the deal, president Leila Pereira described it as "the biggest negotiation in the history of Brazilian football".

"Real Madrid's proposal is compatible with Endrick's enormous talent and corresponds to the sporting and financial goals that we have established since the beginning of negotiations," she said.

Endrick said: "I thank Palmeiras, the greatest champion of Brazil, champion of America, champion of the world and, forever, the club of my heart, for offering me everything necessary to become what I am today, for helping me to accomplish several of my dreams, and for respecting my desire and that of my family to make another dream come true. 

"Until I join Real Madrid, I will continue to dedicate myself as I have always dedicated myself to being able to offer Palmeiras even more on the field: more goals, more victories, more titles and even more joy for our fans."