The 17-year-old will join the club next year after agreeing a move to the Santiago Bernabeu
Real Madrid have agreed a deal to sign Santos wonderkid Rodrygo, according to the Brazilian club.
The transfer, for a reported €45 million fee (£39.3m/$52.2m) is a record a Latin American club, with Santos confirming that they will retain the 17-year-old for another season.
The deal will be completed in July 2019, with Rodrygo set to further his development in Brazil during the 2018-19 campaign.
Santos have praised the conduct of Real throughout negotiations, saying: "Santos FC is grateful for the attitude and professionalism of Real Madrid CF in every process, as well as the family and representatives of the player, who have sought a transparent, and very good, negotiation for all parties.