Lucas Vasquez will join Espanyol on a permanent deal from Real Madrid Castilla at the end of the campaign.
The 23-year-old moved to the Barcelona-based club on an initial loan deal at the start of the season, with Espanyol having the option to make the deal permanent.
That option has now been exercised by his current side, with Vasquez impressing during the first half of the campaign.
It is understood that a figure of £1.5m was agreed when the loan deal was sanctioned.
Vasquez joined Real Madrid in 2007 aged just 16 and was a regular member of their C and B side during his seven years in the Spanish capital.
