Real Madrid confirm signing of James Rodriguez

The Colombia international has agreed a six-year contract with Madrid and underwent his medical with the club on Tuesday morning. He will be presented on Tuesday evening.

Neither club have confirmed the fee for the 23-year-old, but reports suggest Madrid have paid in the region of 80 million euros (£63million), which would make Rodriguez the fourth most expensive transfer of all time after Gareth Bale, Cristiano Ronaldo and Luis Suarez.

A Real Madrid statement read: "Real Madrid have reached an agreement with Monaco for the transfer of James Rodriguez, who will join the club for the next six seasons.

"The player will be presented today, Tuesday 22 July, at 20:00 (Spanish time), 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 shirt and will attend the media in the press room."

Rodriguez was one of the revelations of the World Cup, scoring in each of Colombia's games as they reached the quarter-finals of the competition for the very first time, eventually losing 2-1 to hosts Brazil.

In total Rodriguez scored six goals at the World Cup to finish as the leading scorer - one clear of Thomas Muller - while his stunning 25-yard volley against Uruguay was voted goal of the tournament on FIFA.com.

His signing comes less than a week after Madrid brought in another of the World Cup's star performers in Germany's Toni Kroos, who moved from Bayern Munich for a reported £24million.

It also means that, if the reported figure is correct, Madrid now boast three of the four most expensive signings in history, having spent a world-record £86million on Bale last summer and £80million on Ronaldo in 2009.

The Champions League winners would hold a clean sweep of the top three signings but for arch-rivals Barcelona, who splashed out a reported £75million on Liverpool striker Luis Suarez earlier this summer.