Real Madrid are reportedly on the verge of completing the signing of World Cup sensation James Rodriguez – even though Manchester United were understood to be planning a £63m bid to thwart Los Blancos.

Reports in England claimed Louis Van gaal wants the Colombian star ahead of Angel Di Maria due to his age and versatility, with the club's new record £750m kit deal with Adidas helping to fund the move.

However, Spanish newspaper AS say that the Monaco player's move to the Santiago Bernabeu is "inminent".

Having already signed Toni Kroos from Bayern Munich, Real expect to complete the signing of goalkeeper Keylor Navas and Rodriguez in the coming days.

AS reported earlier this week the 22-year-old playmaker had agreed personal terms to join Real while the clubs were negotiating an agreement.

And now the Spanish newspaper report that officials from both clubs ironed the deal on Wednesday with Real Madrid ready to pay £63m plus send player in the other direction –likely to be midfielder Casemiro.

The Colombian International star has proven to be a sensation during the recent World Cup, winning the Golden Boot after finishing as the tournament's top goalscorer with six goals in just five games.

United and Liverpool are said also to be monitoring the situation but AS understands that Rodriguez's desire to play in the Champions League means Monaco are left no choice than to sell the star.

Indeed, Rodriguez himself recently revealed it would be a dream for him to play for Real Madrid.

"I've liked Real Madrid since the days when Zidane, the Brazilian Ronaldo, Roberto Carlos and Fernando Hierro were around. I've been following them religiously since then," he said.

"Playing for Real Madrid is my life's dream: it'd be a privilege to play alongside so many stars. If it happened, I'd enjoy it to the max. It's really flattering to know that a club of Real Madrid's stature is interested in me," the Colombian star added.

"It'd be a dream to join the club of my dreams. I have a great deal of respect for other clubs and admire the good football they play, but ultimately Real Madrid are Real Madrid. I've always had a thing for them, like I said before."

Meanwhile, Real Madrid expect to sell Di Maria for around £47m.