He will move to Newcastle on a Bosman transfer.
Known as 'Antonito', Cordero, 18, has had his breakthrough at Málaga this season. The winger has scored five goals and made six assists in 32 games in the Spanish Segunda Division.
The teen has attracted interest from Barcelona and Real Madrid, among others. Indeed, Barca failed with a bid for Antonito in August.
In February, Antonito and his family visited Newcastle and was given a tour of their Benton training base and St James' Park.
Now transfer expert Fabrizio Romano reports Newcastle and Cordero's camp have reached a complete agreement.
The 18-year-old will join Newcastle on a free transfer this summer when his contract with Malaga expires. Antonito resisted offers from Real and Barca to commit to the Magpies.