Real Madrid have announced that they have agreed a deal to sign James Rodriguez from Monaco.
The Colombia international underwent a medical on Monday and the 23-year-old will now sign a six-year contract after the clubs agreed a fee reported be in the region of 80 million euros.
- Real Madrid C.F. (@realmadriden) July 22, 2014
A statement on the club's official website on Tuesday read: "Real Madrid C. F. have reached an agreement with AS Monaco FC to buy James Rodriguez, who will join the club for the next six seasons.
"The player will be presented today, Tuesday 22 July, at 20:00 CET, in the Santiago Bernabeu's presidential box.
"Following that, James Rodriguez will take his first steps on the Santiago Bernabeu's pitch wearing the Real Madrid jersey and will then answer questions from the media outlets in attendance in the press room."
Rodriguez joined Monaco from Porto for a reported 45 million euros last summer, but he had been strongly linked with a move to Madrid after his performance at the World Cup, which saw him win the Golden Boot after scoring six goals as well as claiming the award for the best goal of the tournament.
He had told Marca earlier this month that a move to the Bernabeu was his "life's dream" and he had followed the club "religiously" since the "Galactico" era.
Monaco insisted on Tuesday that they had "no intention to sell" the player but felt the move was "the most beneficial solution for all parties."
Though he started slowly at the Stade Louis II, Rodriguez eventually contributed nine goals and 12 assists as the principality outfit finished second only to Paris Saint-Germain on their return to the top flight after a two-season absence to secure Champions League football.
The club's vice-chairman and CEO, Vadim Vasilyev, said in a statement on the Ligue 1 club's official website: "AS Monaco is proud to have helped James Rodriguez reveal his talent to the world as he notably made his mark on the 2014 World Cup in Brazil winning the Golden Boot.
"James is a fantastic player who achieved great things with AS Monaco. The club had no intention to sell the player; however, the time came when the solution of a transfer was considered to be the most beneficial solution for all parties. AS Monaco is proud to be a party to one of the most significant transfers in football history.
"AS Monaco is a club that will continue to grow and remains focused on the future. More than ever it has the ambition to strengthen the team and continue to progress for next season."
Radamel Falcao, who has also been linked with a move to Madrid, has said he still believes in the Monaco project.
ESPN FC's France Correspondent, Ian Holyman, contributed to this report.