Asensio was presented to local media and fans yesterday as an official member of coach Zinedine Zidane's squad this season.
Florentino, during the ceremony, recalled to the midfielder: "You dreamed of playing here and have already seduced the madridismo with your enormous talent.
"Your parents, 12 years ago, said to me in Mallorca that you would play for Madrid. You were eight years old and you've earned the right by playing well.
"Madrid is commitment. With the team you managed to win the Super Cup and score a great goal, to become the youngest player to score a goal for Madrid in European competition. The public will demand everything, but this is your home and hopefully you'll enjoy this shirt."