Spain under-21 midfielder Dani Ceballos has signed a six-year contract to join Real Madrid from Real Betis, the European champions said on Friday.

The 20-year-old was named player of the tournament at the European under-21 Championship this year. Financial terms were not disclosed.

"Real Madrid... and Real Betis... have agreed the transfer of Dani Ceballos, who has signed a six-year contract with the club," Madrid said in a statement.

Ceballos will be presented to the supporters next Thursday before he joins the team on their pre-season tour in the United States on July 21.

Real's signing of Ceballos follows the departure of midfielder James Rodriguez to Bayern Munich on loan this week.

Ceballos is the second off-season signing for the La Liga champions following the arrival of Theo Hernandez from Atletico Madrid.