Real Madrid have announced the signing of 16-year-old Endrick, who will join in July 2024.
The Brazilian forward will stay with Palmeiras until he is 18 years old but the forward will travel to Madrid in the coming days to check out the club's facilities.
The youngster declared that he will continue to give his all for the Brazilian club before his move to Los Blancos.
"I thank Palmeiras, forever the club of my heart, for offering me everything necessary to become what I am today, helping to achieve my dreams and respect my wishes and those of my family," Endrick said in a statement.
"Until I join Real Madrid, I will continue to dedicate myself as I have always dedicated myself to being able to offer Palmeiras even more on the pitch: more goals, more victories, more titles and even more joy for our fans."
Palmeiras president Leila Pereira labelled the sale as the "biggest negotiation in the history of Brazilian football."
"Real Madrid's proposal is compatible with Endrick's enormous talent and corresponds to the sporting and financial goals that we have established since the beginning of negotiations," she added.
Real have beaten a number of top clubs including Chelsea, Liverpool, Manchester United and Tottenham Hotspur to the forward's signature.
