Real Madrid have reached a deal with Brazilian side Flamengo to sign forward Vinicius Junior in July 2018, the Spanish champions announced on Tuesday.

Reports in Spain suggest the deal for the 16-year-old is around 46 million euros ($51.45 million), which would make him the second most expensive signing from the Brazilian league in history.

The most costly is Barcelona star Neymar, who moved from Santos in 2013 for an estimated 86 million euros, a player Vinicius has been likened to by the media.

Madrid explained in a statement that they will own the rights to the Brazilian from July 2018, when he turns 18, but he will remain at Flamengo until July 2019 unless both sides agree otherwise.