Real Madrid have confirmed that Keylor Navas will become their third summer signing after agreeing to pay the shot-stopper's €10m ($13.4m, £7.9m) release clause to fellow La Liga club Levante.

The 27 year-old is the second South American player to join the reigning European champions in the summer transfer window, following the arrival of Colombian star James Rodriguez. The Costa Rican international has agreed to sign a six-year contract and will be unveiled on Tuesday after completing medicals.

The statement on the Los Blancos' official website read, "Real Madrid C. F. and Levante U. D. have reached an agreement for the transfer of Keylor Navas, who has signed to the club for the next six seasons."

"The player will be presented on Tuesday 5 August at 13:00, in the president's box in the Santiago Bernabéu stadium, after undergoing the corresponding medical. Subsequently, Keylor Navas will step out onto the turf in the Santiago Bernabéu for the first time in a Real Madrid shirt and will speak to the press in the press room."

Navas will now be competing for the number one place in Carlo Ancelotti's starting lineup against club legend Iker Casillas and his compatriot Diego Lopez.

However, the latter is touted to head for the exit door at Santiago Bernabeu with reports claiming that Napoli, Chelsea and Monaco are interested in signing the 32 year-old.

"It is complicated to become a starter, I will work with humility. I'll always be positive. I'll try to do things in the best way possible and we'll see what happens. I've been very relaxed and put everything in God's hands," Navas told the reporters.

"If he wanted me in Madrid, then that's where I'm going to be. Things come when they have to. It's really great. I'll learn a lot from all the players, it will be a nice experience to learn from the first minute. Hopefully I can improve as a person and as a player."

"They have a great team and a great bonding. Hopefully, I can make things and adapt well to enjoy everything. Signing for six years gives me peace of mind. It'll relieve a lot of stress," he concluded.