Bellingham will need to complete a medical before sealing the move.
“In addition, the payment of variable transfer fees up to a maximum total amount of around 30% of the amount of the fixed transfer fee has been agreed,” Dortmund said.
“Such variable transfer fees are dependent on the achievement of certain sporting successes by Real Madrid and/or sporting successes or performances of the player at Real Madrid in the period of the next six seasons.”
Bellingham, who has been highly coveted throughout his career, joined Dortmund in 2020 from second-tier English side Birmingham City as a 17-year-old.
The midfielder quickly impressed playing for the Bundesliga club, his maturity and leadership qualities at a young age shining through.
Despite playing in front of a huge stadium at the Signal Iduna Park with pressure on his shoulders, Bellingham never wilted and has even been named the team’s captain multiple times this season.
Known for his complete skillset – calm on the ball, athletic, physical at defending and able to score goals – he became a stalwart at Dortmund, starting over 30 league games in each of his last two seasons in Germany.
He led the team in goal scoring this season, whilst also leading the Bundesliga in duels won, highlighting his all-round abilities.
Perhaps more impressive is his maturity despite his young age; Dortmund coach Edin Terzić said Bellingham was “the oldest 19-year-old I have ever seen.”
A vital part of Gareth Southgate’s England national team, Bellingham played a key role in the team’s run to the 2020 European Championship final.
“He’s one of the most gifted players I’ve ever seen,” his England teammate, Phil Foden, told ITV in December after the pair had helped England to qualify for the quarterfinals of the World Cup.
“I don’t see a weakness in his game, I think he’s got everything. I’m sure he’s going to be the best midfielder in the world.”
Multiple teams have reportedly been interested in acquiring Bellingham’s signature this summer but after Liverpool dropped out of the race to sign him, Real Madrid seemed the likeliest of destinations.
His imminent arrival in the Spanish capital will complete a revamp of Madrid’s midfield core. Just a few years ago, Luka Modrić, Toni Kroos and Casemiro were helping the club to win multiple Champions League titles and La Liga success.
But now, with Casemiro at Manchester United and Modrić and Kroos in the final stages of their careers, Bellingham joins a midfield room which includes Aurélien Tchouaméni and Eduardo Camavinga, two of the most exciting talents in the world, as well as the all-action Federico Valverde.