Barcelona had taken an interest in Jovic but withdrew from the race to sign him because of the price.
Luka Jovic
Real Madrid believe they have closed the signing of Serbian international Luka Jovic, with forward Mariano Diaz likely to move in the opposite direction.
Diario AS reported that Madrid will pay €60million (£51m) for the 21-year-old with €48m (£40.8m) going to Eintracht Frankfurt and €12m (£10.2m) going to Benfica, who still own a percentage of the player’s rights.
Diaz will not move in exchange but in a separate transfer that will take the financial sting out of Madrid’s second signing after they secured defender Eder Militao from Porto.
Barcelona had taken an interest in Jovic but withdrew from the race to sign him because of the price.
Jovic has impressed all season with 26 goals in 44 games and he scored against Chelsea in Frankfurt's Europa League semi-final first leg on Thursday night.
He has also helped the Bundesliga side challenge for a place in next season's Champions League. They are currently fourth place with three games left to play.
He is expected to join on a six-year deal and will seemingly spearhead Zinedine Zidane's overhaul of personnel this summer after a disappointing campaign that has seen them way off Barcelona in La Liga and knocked out of the Champions League in the last-16.