Real Madrid are set to announce the signing of Kylian Mbappé after agreeing a five-year contract that will see the forward earn 15 million ($16.2m) a year after taxes, sources have told ESPN.

Mbappé, who arrives on a free transfer from Paris Saint-Germain, will also receive a 150m signing on fee, spread over his deal.

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Mbappé, 25, who is on international duty with France, is expected to be presented at the Bernabéu after his involvement with the national team at this summer's European Championship is over.

Speaking with France President Emmanuel Macron at France's training camp, Mbappé appeared to reveal that the move will be announced by the Spanish club on Monday evening.

Mbappé has already secured a home in Madrid, sources said, purchasing the house belonging to former Madrid star Gareth Bale in the exclusive La Finca development on the outskirts of the city.

Mbappé has long been a top target for Madrid, coming close to joining them when he left Monaco in 2017 and again in 2022, before opting to stay at PSG.

Madrid have just completed a Champions League and LaLiga double, winning their 15th European Cup by beating Borussia Dortmund 2-0 at Wembley on Saturday. Mbappé's PSG won Ligue 1 but were eliminated in the Champions League semifinals.