Cristiano Ronaldo's switch from Real Madrid to Juventus will cost the Italian champions in excess of £300m, according to a report.

Following a few days of negotiations between the two clubs, a transfer fee in the region of £105m is understood to have been agreed.

The Telegraph claims that Ronaldo is to earn a yearly salary of roughly £26.5m over the next four years, while clubs in Italy have to pay the same amount in tax, taking the cost of his wages to around £212m.

Juventus's previous record arrival is Gonzalo Higuain, who cost an initial £75.3m to sign from domestic rivals Napoli two years ago.

Separate reports on the continent suggest that Madrid will now move for Paris Saint-Germain forward Neymar, despite his links to arch-rivals Barcelona.