Real Madrid have confirmed that Javier Hernandez is joining the team on a season-long loan from Manchester United with an option for a permanent deal.
United had received offers from Juventus and Valencia for the striker last week, but he has opted to move to Real.
The Mexico international sealed the loan to the European champion after passing a medical on Monday.
A statement on the Spanish club's official website reads: "Real Madrid and Manchester United have reached an agreement for the loan of the player Javier Hernandez Chicharito, who will be attached to the club for the current season. Real Madrid retains an option to purchase the player.
"Javier Hernandez Chicharito will give a news conference at the Santiago Bernabeu today Monday at 4:30 p.m."
United also confirmed the transfer.
BREAKING: Javier Hernandez joins Real Madrid on a season-long loan. Real have first buying option on the striker at the end of the loan.- Manchester United (@ManUtd) September 1, 2014
The former Premier League champions allowed Hernandez to leave after they agreed to bring in Monaco forward Radamel Falcao, another reported target of Real, on loan. Danny Welbeck could also be allowed to leave, with Tottenham keen on a loan move for the forward.
Hernandez has slipped further down the pecking order at Old Trafford in recent years after the arrivals of Robin van Persie, Juan Mata and now Falcao.
He signed for 6.9 million pounds from Guadalajara in 2010 and was named United's player of the year in his debut season, when he scored 20 goals.
He has gone on to score 59 goals in 154 games for the club but started only six league matches last season. While he began the current campaign in the team, he was substituted at halftime in the 2-1 defeat to Swansea.
Hernandez, who has scored 36 times in 66 caps for his country, becomes the third Mexican to play for Real after Jose Luis Borbolla and Hugo Sanchez, who scored 208 goals for the 32-time champions of Spain.
Mexico boss Miguel Herrera had earlier tweeted: "Going to Real Madrid is a big opportunity for [Hernandez], for whom I wish the best of success."
Llegar al Real Madrid es una gran oportunidad para @CH14_ , a quién le deseo el mejor de los ¡éxitos!- Miguel Herrera (@MiguelHerreraDT) September 1, 2014
Hernandez is expected to understudy first-choice striker Karim Benzema at the Bernabeu. In the past five years, no player has scored more goals as a substitute in the top five European leagues than Hernandez, who has struck 14 times after coming off the bench.
Most Goals as a Substitute
Top 5 European Leagues, Last 5 Seasons
1) Javier Hernandez (Guadalajara, Man United) - 14
2) Edin Dzeko (Wolfsburg, Manchester City) - 13
3) Souleymane Camara (Montpellier) - 13
4) Victor Anichebe (Everton, West Brom) - 10
5) Giampaolo Pazzini (Sampdoria, Inter Milan, AC Milan) - 10
Hernandez will join James Rodriguez, Toni Kroos and Keylor Navas among Real's summer signings.