Real Madrid have announced the signing of Kylian Mbappé on a free transfer, ending their years-long wait for him to join the club.

"Real Madrid C. F. and Kylian Mbappe have reached an agreement whereby he will be a Real Madrid player for the next five seasons," the Spanish champions said in a statement.

Mbappé announced last month that he would leave Paris Saint-Germain at the end of the season when his contract expired.

- Stream on ESPN+: LaLiga, Bundesliga, more (U.S.)

"A dream come true, So happy and proud to join the club of my dream," Mbappé said in a post on X.

"Nobody can understand how excited I am right now. Can't wait to see you, Madridistas, and thanks for your unbelievable support. Hala Madrid!"

Sources have told ESPN that Mbappé has signed a five-year deal worth 15 million ($16.2m) a year after taxes, having been in negotiations with Madrid since at least February.

Madrid are the reigning LaLiga champions and lifted their 15th European Cup on Saturday as they beat Borussia Dortmund 2-0 at Wembley.

In 2017, after starring for Monaco, Mbappé came close to joining the Spanish giants, but opted to join PSG instead after the club agreed a world-record deal for a teenager, worth 180 million ($195.4m).

Mbappé went on to become PSG's club captain and all-time top scorer with 255 goals, winning six Ligue 1 titles in seven seasons.

He won the World Cup with France in 2018 and scored a hat trick in their World Cup final defeat to Lionel Messi's Argentina in Qatar four years later.

Mbappé was unable to lead PSG to the ultimate goal of a Champions League crown, losing the only final he played in 2020. He also failed to score in both semifinal legs against Dortmund this season.

The 25-year-old, who is already the third-highest scorer in France's history, also came close to joining Madrid two years ago.

However, Mbappé had a late change of heart and signed a new contract with PSG until June 2024, a decision he said he does not regret.

The forward joins a Madrid team that already boasts the likes of Vinícius Júnior, Jude Bellingham and Rodrygo in attack.

Mbappé will attempt to inspire France to the country's third European Championship in this summer's tournament in Germany, but was left off the preliminary squad named to represent Les Bleus at the Paris Olympics in July and August.