Real Madrid have reached an agreement with Borussia Dortmund over the transfer of Jude Bellingham, who will join Real for an initial fee of 103 million euros (about $110.3 million), Dortmund announced on Wednesday.

The initial fee is the second most expensive transfer fee in club history for Real. Dortmund confirmed that 30 percent of that number will make up the rest of the deal in add-ons. If all incentives are reached, Bellingham will surpass Eden Hazard to become the most expensive player Real have ever signed.

Bellingham will undergo a medical in the coming days before he officially signs a six-year contract with Real, which will pay him 10-12 million euros a year.

Having joined Dortmund in July 2020 from Birmingham, Bellingham has scored 24 goals and 25 assists in 132 appearances. At 19, he is already one of the greatest prospects in Europe. He participated in the FIFA World Cup in Qatar last year and started in all of England's five games in the tournament.

English powerhouses Manchester City and Liverpool were among the competitors Real had to beat to sign the budding superstar. Bellingham will join Federico Valverde, Aurelien Tchouameni and Eduardo Camavinga to make a young midfield combination that will take over from Luka Modric and Toni Kroos.

Acquiring Bellingham may be only a first step for Real to build their latest "Galacticos." The club parted ways with multiple players, including their ace scorer Karim Benzema, fan favorite Marco Asensio and the pic flop Hazard, after finishing the 2022-23 season with no more than the Copa del Rey title. The team has some promising youngsters left, like Vinicius Junior, but they will need some top talents to make a difference quickly, if not immediately.

Meanwhile, rumors continue to swirl around Erling Haaland of Man City, Kylian Mbappe of Paris Saint-Germain and Harry Kane of Tottenham Hotspur joining Real.