Real Madrid on Wednesday night announced they had agreed a fee with Juventus to take Fabio Cannavaro and Emerson to the Bernabeu.
The duo are currently on holiday but it is believed they have negotiated two-year deals with further one-year options.
Local radio reported that the fee for the pair would be in the region of 20 million euros (£13.7million).
A statement on the Madrid website read: 'Real Madrid can confirm it has reached an agreement with Juventus over the signing of Fabio Cannavaro and Emerson.
'The agreement was finalised this Wednesday evening in Turin by sporting director Predrag Mijatovic.
'The players are currently on holiday and will be presented at the Bernabeu after signing their respective contracts.'
The arrivals of Cannavaro, 32, and Emerson, 30, represent a significant coup for Madrid as the pair were coveted by several other high-profile European teams.
They are the first acquisitions under new president Ramon Calderon, who came to power earlier this month, and means they link up once more with coach Fabio Capello who left Juve for Madrid on July 5.
Italy captain Cannavaro, who led the Azzurri to the World Cup title in Germany this summer, and Emerson, who played for Brazil at the tournament, leave a club in turmoil.
Juve are having to sell some of their big-name players after being heavily punished for their role in the Italian match-fixing scandal.
The Bianconeri will start next season in Serie B and with a 30-point deficit, effectively meaning they will spend at least two seasons outside the top flight.
Juve's loss is Madrid's gain as they have snared two players who will boost their notoriously fragile back-line.
Cannavaro was the outstanding defender at the World Cup while Emerson's best position is patrolling in front of the back four.
Madrid have not won a trophy in three years and have watched arch-rivals Barcelona claim the last two Primera Liga titles.