Real Madrid have announced that they have signed Norwegian starlet Martin Odegaard.

Odegaard, 16, has emerged as one of Europe's brightest prospects after dazzling for Stromsgodset this season.

Bayern Munich and Southampton were among those said to be vying with the Blancos for his signature, but the European champions confirm that they have won the race.

A statement read: "Real Madrid C. F. and Stromsgodset Fotball have reached an agreement for the transfer of Martin Odegaard.

"After undergoing a medical exam, the player will hold a press conference with the director of Institutional Relations, Emilio Butragueno, on 22 January at 1:30pm CET."

Although the figures have not yet been disclosed, it had previously been reported that the midfielder would join Madrid for a fee in the region of £3m.

Odegaard, who only turned 16 last month, has already earned three caps for Norway.