English teenager Jude Bellingham will move from Borussia Dortmund to Real Madrid for a fee in excess of 100 million euros ($107 million), the German side announced on Wednesday.

Dortmund confirmed the two teams had reached a "mutual agreement" over the transfer of the 19-year-old in the summer.

The publicly listed club said it would receive a fee of 103 million euros in addition to a variable amount "up to a maximum total amount of around 30 percent" of the fixed transfer fee, depending on team and player bonuses.

One of the most promising talents in world football, Bellingham joined Dortmund from Birmingham City in 2020 for a fee of 25 million euros.

He has played 132 games for the club, scoring 24 goals and winning the 2021 German Cup.

Bellingham was named Bundesliga player of the season after the 2022-23 campaign, when he helped Dortmund to within an inch of their first Bundesliga title in over a decade.

Dortmund finished second, behind Bayern Munich, on goal difference after dropping points on the final matchday against Mainz, where the injured Bellingham watched from the bench.

Making his debut for England at just 17, Bellingham played a starring role in the Three Lions' 2022 World Cup campaign.

Bellingham started each of England's five matches in Qatar, scoring once and assisting another as his side made it through to the quarter finals, where they lost against eventual runners up France.