Real spending spree continues...

Real Madrid [ Images ] have agreed to sign defender Raul Albiol from Valencia on a five-year contract, the Primera Liga club said on Thursday, the latest catch in their multi-million euro spending spree.

The deal will be completed next week once the 23-year-old Spain international, who is at the Confederations Cup in South Africa [ Images ], completes a medical and signs his contract, Real said on their website (www.realmadrid.com).

Spanish media reported the transfer fee was around 15 million euros ($21 million).

Albiol will become the second confirmed signing by new Real president Florentino Perez [ Images ] following his purchase of Brazil [ Images ] playmaker Kaka [ Images ] from AC Milan [ Images ] for around 67 million euros.

Perez has also bid 80 million pounds ($132 million) for Manchester United [ Images ] winger Cristiano Ronaldo [ Images ], with the deal expected to be completed in the next few days.

Albiol, who suffered a serious car crash in 2004 which left him without a spleen, is likely to partner Portuguese international Pepe in central defence.

He made his Valencia debut in 2003 and first played for Spain in a 3-1 win over Denmark in 2007.