The European Champions Real Madrid have announced the signing of Spain under-21 midfielder Dani Ceballos from Real Betis on Friday.

A club statement read: "Real Madrid and Real Betis Balompie have agreed the transfer of the player Dani Ceballos, who will be connected to the [Bernabeu] club for the next six seasons. The player will be presented next Thursday July 20, at 13:00, in the VIP suite at the Santiago Bernabeu stadium. The next day, Friday 21, he will join up with the squad's pre-season in the United States."

The 20-year-old burst to prominence after winning the Player of the Tournament award as Spain reached the European Under-21 Championship final this summer.

Madrid have beaten off competition from La Liga rivals Barcelona to clinch his signature.

The UEFA Champions League holders are reportedly paying €17 million -- more than his €15m release clause -- to ensure they did not lose out on the youngster to Barca.

The signing of the Spain U21 international comes after James Rodriguez joined Bayern Munich on a two-year loan deal earlier this week.