Real Madrid have reached an agreement to sign 16-year-old Norwegian forward Martin Odegaard from Stromsgodset.
Odegaard will be presented to the media at a news conference on Thursday, the club said.
Real did not disclose the details of the financial terms but Spanish media reported that they had paid around 3m euros.
Odegaard made his debut for Norway as a 15-year-old in August and had been linked with many of Europe's top clubs.
Who is Martin Odegaard?
Born on 17 December, 1998 in Drammen, Norway
He is the son of Hans Erik Odegaard, who made more than 200 league appearances for Stromsgodset
Has previously been invited to train with Bayern Munich and Manchester United
Scored his first senior goal in a 4-1 win against Sarpsborg in May
He is expected to begin his career in the Real Madrid B team, which is coached by France legend Zinedine Zidane and competes in the third tier of Spanish football.
Odegaard came to prominence last year when he became the youngest player to appear and score in the Norwegian Premier League.
He scored five goals and contributed seven assists in 23 appearances for Stromsgodset.
The teenager is left-footed and has drawn comparisons to Barcelona's Lionel Messi for his style of play.
Real Madrid manager Carlo Ancelotti has previously described him as "a kid with talent and personality". http://www.bbc.com/sport/0/football/30927958
Who is Martin Odegaard? All you need to know about the Norwegian teenage sensation
Teenage starlet Martin Odegaard has been tipped for greatness since making his international debut for Norway aged just 15 last year.
Furthermore, the young attacking midfielder appears to be holding all the cards when it comes to deciding which European super club he will move to.
It would seem Real Madrid are the favourites to seal Odegaard's signature after he was spotted in the crowd for Los Blancos' 2-0 Copa Del Rey defeat against Atletico Madrid at the Vicente Calderon.
However, Liverpool could still have a say in the matter after a video emerged of the youngster playing with the Reds on FIFA 15 while humming to the tune of You'll Never Walk Alone.