Espanyol have pulled off a youth team double swoop.
Spain youth international Dacosta has passed his medical and will sign an Espanyol deal to 2023.
Real had offered Dacosta a new three-year contract, but he turned it down convinced of better first team chances with Espanyol.
Touaizi returned to Spain a fortnight ago and was training with Espanyol ahead of his four-year deal being confirmed.
He arrived at the Etihad in January 2017, in a £315,000 transfer from Valencia.