Real Madrid have confirmed the world record transfer of Gareth Bale from Tottenham Hotspur.

The 24-year-old has signed a six-year contract in a deal thought to be worth £85.3m, around £5m more than Madrid paid for Cristiano Ronaldo in 2009.

Bale joined Spurs in 2007 and won the PFA Players' Player of the Year award twice during six years at White Hart Lane while simultaneously earning a reputation as one of the most feared players in world football.

"Real Madrid C.F. and Tottenham Hotspur FC have reached an agreement for the transfer of Gareth Bale, who has signed with the Whites for the next six seasons," a club statement read.

"Following his corresponding medical exam Real's newest player will be presented tomorrow, Monday 2 September, at 1:30 p.m. at the presidential box at the Santiago Bernabeu."

The confirmation brings an end to a long-running transfer saga involving the Wales international, who scored 26 goals in all competitions for Tottenham last season.

"I have had six very happy years at Tottenham but it's the right time to say goodbye. We've had some special times together over the years and I've loved every minute of it," Bale said.

"I would like to thank everyone at the Club, the Chairman, Board, staff, coaches and players - and most of all the fantastic fans who I hope will understand this amazing career opportunity.

"I am not sure there is ever a good time to leave a club where I felt settled and was playing the best football of my career to date. I know many players talk of their desire to join the club of their boyhood dreams, but I can honestly say, this is my dream come true.

"I am well aware that I would not be at the level I am today were it not for firstly Southampton and then Spurs standing by me during some of the tougher times and affording me the environment and support they have.

"Tottenham will always be in my heart and I'm sure that this season will be a successful one for them. I am now looking forward to the next exciting chapter in my life, playing football for Real Madrid."

Tottenham chairman Daniel Levy admitted the club were forced to sell Bale after Madrid's interest became apparent.

"Gareth was a player we had absolutely no intention of selling as we look to build for the future," Levy said. "He is a player whose career we have fostered and developed and he was only a year into his new four year contract.

"Such has been the attention from Real Madrid and so great is Gareth's desire to join them, that we have taken the view that the player will not be sufficiently committed to our campaign in the current season.

"We have, therefore, with great reluctance, agreed to this sale and do so in the knowledge that we have an exceptionally strong squad to which we have added no fewer than seven top internationals. More importantly, we have an immense team spirit and a dressing room that is hungry for success.

"We wish Gareth all the best in the future and he shall always be welcome at the Lane."

Speaking after Tottenham's 1-0 defeat to Arsenal in the Premier League, manager Andre Villas-Boas praised Bale's contribution to the club.

"Gareth will be leaving us to join Real Madrid and we wish him all the best," the Portuguese boss said.

"We wish him all the best. He leaves with great memories that every Spurs fan cherishes. He moves on and we move on too."