Real Madrid have announced that they have signed Brazilian midfielder Kaka from AC Milan.
|Madrid have returned to the Galactico era in spectacular fashion [GALLO/GETTY]
The 27-year-old international has agreed a six-year contract to become the first player to join Real since Florentino Perez returned to the presidency this month.
Reports said the transfer fee was around $94.05 million which would make the transfer the second biggest ever after Zinedine Zidane joined Real from Juventus for around $100 million in 2001.
The player is on international duty with Brazil in his home country, but Real Madrid sent officials to Recife and Kaka successfully completed a medical earlier in the day.
Reports have said the 2007 world player of the year is set to hold a news conference in the next few hours.
The official unveiling in Madrid is likely to take place at the end of the month, after the Confederations Cup in South Africa.
"We are working on building a good team, an important team, and this has only just begun," Perez told radio station Onda Cero.
|Supporters, who protested a proposed move to Manchester City are unlikely to be happy [GALLO/GETTY]
Milan thanked Kaka for his contribution.
"AC Milan thanks the man Kaka and the champion Kaka for his decisive contributions to so many victories obtained in the last six years," the Serie A club said in a statement.
"His loss on the field, though serious, can be filled. It will, however, be very difficult to fill the void left by Kaka the man."
Kaka has long been a target for Real Madrid since former president Ramon Calderon promised to sign him in his election campaign in 2006 but failed to deliver.
Calderon resigned in January paving the way for Perez to come back three years after he stood down and he was returned unopposed to the post.
New Galactico era
Perez has promised to deliver a "spectacular sporting project" built around the world's greatest players, and local media have spoken of a 300 million euro war chest which will be used to finance a second 'Galactico era' at the Bernabeu.
Having lured the likes of Luis Figo, Zinedine Zidane and David Beckham to Real earlier in the decade, Perez's flagship first signing on his return was Kaka.
It was a declaration of intent and a dig at his predecessor.
He has also spoken of interest in Manchester United's Cristiano Ronaldo, Bayern Munich's Franck Ribery, Liverpool's Xabi Alonso and Valencia duo David Villa and David Silva.
New coach Manuel Pellegrini is the man tasked with blending these talents into a team capable of challenging treble-winners Barcelona.
Kaka will not face much competition in midfield which was one of Real's weakest areas last season as they lacked flair players capable of opening up sides in big games.
Kaka's arrival will also cheer up Real fans clamouring for a more entertaining brand of football, and who had often chanted "Where is Kaka?" at player presentations under Calderon over the last couple of years.