Real Madrid have confirmed they have reached an agreement with Valencia to sign defender Raul Albiol.

Albiol, who is currently on international duty with Spain at the Confederations Cup in South Africa, will undergo a medical next week and, if all goes well, will pen a five-year deal with Madrid before being presented.

Although no fee has been officially announced, media reports suggest that Madrid will pay in the region of 15million euros (£12.8million) for the centre-back.

Valencia have also confirmed the deal on their website, adding: "The club want to thank Albiol for his exemplary behaviour during his career with Valencia and wish him the best of luck."

The 23-year-old came up through the youth ranks at hometown club Valencia and, after spending the 2004/05 season on loan at Getafe, made his Primera Division debut for Los Che the following year.

Albiol was involved in a serious car accident whilst he was en route to signing for Getafe, but he recovered to make 17 league appearances for the club from the outskirts of Madrid.

Last summer Albiol was a member of the Spain squad that won Euro 2008, featuring in the group matches against Sweden and Greece.

The swoop for Albiol continues Madrid's summer rebuilding under returning president Florentino Perez, who presided over the famous 'galacticos' policy of bringing in big-name signings for huge fees every year during his previous tenure from 2000-06.

Perez's first transfer deal after returning to the presidency earlier this month was the £59million capture of Brazilian ace Kaka from AC Milan, while Madrid have also agreed a world-record £80million deal with Manchester United for Cristiano Ronaldo.

Albiol could fill the gap left by the departure of Italy's World Cup-winning captain Fabio Cannavaro, who returned to Juventus this summer after three years at the Bernabeu.

Madrid also have Christoph Metzelder and Ezequiel Garay, who was signed last summer but immediately loaned back to Racing Santander for the season, as other options to partner first-choice Pepe at centre-back.

However, new Madrid coach Manuel Pellegrini will be without Pepe for the first four games of next season as the Portugal international serves the remainder of his 10-game suspension.