"Real Madrid will pay the full amount set as the footballer's contract release clause," said Racing on social media.
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The 19-year-old scored against Villarreal in Racing's opener in La Liga, but is expected to start with Madrid's reserve side.
Los Blancos have signed several players this summer, including record arrival Yan Diomande, after failing to win a major trophy for two seasons.
Jose Mourinho's side have started the season in perfect fashion with three wins from three matches in La Liga.