Dani Ceballos is understood to have agreed a six-year deal to join Real Madrid.
The final details of Ceballos's transfer to the Bernabéu are to be ironed out over the course of the weekend, with the 20-year-old set for a medical on Monday.
Real to pay 18 million euros for Ceballos, with 15 going to Betis
Madrid are to pay Real Betis 15 million euros for the midfielder, while the player himself will receive a three-million-euro signing-on fee.
Having been given a 24-hour ultimatum by Real, Ceballos on Friday said 'yes' to a move to Los Blancos, despite a late Barcelona bid to sign the Spain Under-21 star.
Ceballos to link up with new Real team-mates on 21 July
He is expected to join up with Real's US tour on 21 July, at the same time as the other Under-21 internationals involved in June's European Championship.
With the signing of Ceballos, James wants to tie-up his departure from Real Madrid in the next 48 hours.