Liverpool's England striker Michael Owen will move to Real Madrid for an undisclosed fee, the English Premier League club said on Friday.
"Michael will have a medical with Madrid before the deal is completed," said Liverpool coach Rafael Benitez.
The 24-year-old's contract at Liverpool was only due to run until the end of the coming season, when he would have been able to leave the Merseyside club on a free transfer.
Benitez said Liverpool were powerless to stop Owen joining Real once the Spanish club showed an interest in him.
"I was very happy with Michael and I wanted him to stay," Benitez said. "The problem was he only had a year left on his contract. Real Madrid started talking with his agent and in the end it was an impossible situation to control.
"We are losing a good player and a good person," he told reporters.
"But I think it's impossible to control the situation for us. When you talk to footballers now the agents control many situations. Now when a player has only one year left on his contract, like Michael, it is difficult to control what happens."
Real are expected to pay 12 million euros ($14.71 million) for the former European Footballer of the Year in a deal which sees midfielder Antonio Nunez move in the opposite direction.
Nunez, who made 11 appearances last season and scored one goal, moves to Liverpool on a three-year deal.
Spain's Radio Marca said Owen would join Real on a four-year deal with an option for an extra year, adding that he is not expected to earn quite as much as the other 'galacticos' but should pocket about five million euros ($6.13 million) a year.
CHANGE OF HEART
The announcement brings to an end months of uncertainty about the future of the striker, who has won 60 caps and scored 26 goals for England.
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"He seemed happy but the only thing that changed was that Real Madrid talked to him. That changed all the ideas in his head perhaps. I hope for Michael, Liverpool and Real Madrid this is the best thing for everyone," said Benitez.
Owen will follow in the footsteps of fellow England international David Beckham, who joined Real from Manchester United last year for a fee of up to 35 million euros.
The move means Real president Florentino Perez has kept faith with his policy of signing one big-name attacking player each season and Owen will now join Beckham, Ronaldo, Zinedine Zidane and Luis Figo as one of the so-called "galacticos".
Owen, who had a disappointing last season with both Liverpool and England, will now have to compete with Ronaldo, Raul and Fernando Morientes for a place in the Real Madrid frontline.
He netted 158 times in 297 matches for Liverpool, helping the Merseysiders to a treble of FA Cup, League Cup and UEFA Cup in 2001, before being named European Footballer of the Year.
Arsenal and France captain Patrick Vieira, who had also been strongly linked with a move to Real, said earlier on Friday that he would be staying at the north London club.
