Madrid, Dec 6 (IANS): Real Madrid have confirmed the signing of Mallorca youngster Marco Asensio.

The 18-year-old, who is considered to be the jewel of the Mallorca youth policy has agreed a six-year contract with the Spanish giants, although he will remain with Mallorca, who currently play in the Spanish second division (Liga Adelante) until the end of the current campaign, reports Xinhua.

He will then report for pre-season training with Real Madrid, although whether he will play for the club's first team or the B-team, is yet to be decided.

Both Real Madrid and Mallorca announced the transfer, which is for almost 4 million euros (around $4.5 million), on their official websites late Friday night.

"This agreement benefits both clubs. At Mallorca we are grateful to the player and we are also grateful to Real Madrid for allowing him to remain playing on the island until at least the end of the season," commented Mallorca on their website.

Asensio will be in the Mallorca side which plays Betis Monday evening.