Real Madrid have agreed to loan young midfielder Sergio Canales to La Liga rivals Valencia.
The deal, which was confirmed by both clubs on their official websites, also includes an option for Valencia to make the move permanent.
Canales, 20, who joined Real from Racing Santander on a six-year contract last year, will join up with Valencia once he has finished his international commitments with Spain at the Under-20 World Cup in Colombia later this month.
Canales told Valencia's official website: "I'm very pleased that a club like Valencia have been interested in me. It fills me with pride to come to Valencia and it's where I wanted to play.
"It's a great club who fight every year at the top both at both a national and European level. As well as that, it's a very important step which allows me to continue playing among the elite of football.''