Yan Diomande left RB Leipzig's preseason camp on Thursday to undergo a medical in Spain ahead of his move to Real Madrid, sources told ESPN.
The Ivorian winger is on the verge of completing a deal worth up to €140 million ($188m).
Madrid will pay a €125 million fee, plus €15 million in potential add-ons. ESPN revealed back in May that Leipzig would only agree to a move if the prospective club reached this fee.
If those bonuses are achieved, it would represent a record transfer for the club, more than they paid for the arrivals of Jude Bellingham from Borussia Dortmund in 2023 or Eden Hazard from Chelsea in 2019.
Sources told ESPN last week that Madrid expected to complete a deal for Diomande in the coming hours, but the deal was since held up, with speculation that the delay could be related to a dispute over the player's representation.
The 19-year-old has become one of the most sought-after players in world football this summer on the back of an impressive Bundesliga season in which he scored 12 goals and provided eight assists.
He was also one of the standout performers for the Ivory Coast as they made it to the knockout stages of the World Cup for the first time in the club's history before losing to Norway in the round of 32.
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Diomande's rise to prominence has seen him go from DME Academy in Florida, to Spanish club Leganes, to RB Leipzig and now to the verge of a move to Real Madrid in the space of just two years.
Paris Saint-Germain were also strongly linked with a deal for Diomande before Madrid jumped to the front of the pack.
Information from ESPN's Rodra and Alex Kirkland contributed to this report.