Real Madrid have recruited striker Emmanuel Adebayor on loan from Manchester City for the rest of the 2010-11 season, the Spanish giants confirmed on Tuesday evening.
Madrid made the announcement on their official website and added that they hold "a unilateral option to purchase the player" at the end of the campaign.
"Real Madrid CF and Manchester City FC have reached a deal that will see Emmanuel Adebayor play on loan for the former club," read the statement.
"The player will remain at Real Madrid until the end of the current season, at which point the club hold a unilateral option to purchase the player."
City too confirmed the deal and stated that Adebayor will travel to Spain on Wednesday to undergo his medical tests.
The 26-year-old is Madrid's first signing during the January transfer window and will fill in the centre-forward position that coach Jose Mourinho has been asking his bosses to reinforce all this month.
Adebayor scored 19 goals in 36 league and cup starts for the Premier League club after being signed from Arsenal. The Togolese striker is eligible to play in the Champions League knock-out rounds for Madrid despite featuring in the group stage of the Europa League for Man City this season.