Isco has signed his contract renewal with Real Madrid, a reliable club source has confirmed to Diario AS.
Isco signs for four years with the option of a further season
The Spain international midfielder, whose previous deal was to expire in 2018, has penned a new, four-year commitment with the option of a fifth season, and is set to earn an annual salary of six million euros.
700-million-euro release clause
The agreement includes a massive 700-million-euro release clause, with Real following a policy of securing their stars with prohibitive figures in a bid to avoid the scenario that recently saw Paris Saint-Germain sign Neymar from Barcelona by paying his 222-million-euro buy-out fee.
"There are no players in Madrid's first-team squad with a clause below 500 million," AS's source explained. "And in Castilla [Real's 'B' team], there are now players with clauses of 300 million."
Real are to mark Isco's new contract in an official ceremony at the Bernabéu after the Spanish Super Cup, in which Los Blancos face Barcelona on 13 and 16 August.
The 25-year-old actually signed the deal in July, before heading to the US for Real's pre-season tour, but it was agreed not to make the extension public until this month.
"More, highly positive news in coming days"
"Real Madrid see Isco as a key player," said AS's source, who also revealed: "In addition to Isco's contract renewal, there'll be more, highly positive Real news in the coming days."