Real Madrid have announced that midfielder Luka Modric has agreed a new contract with the club until June 2020.

Modric, 31, has won two Champions Leagues, two European Supercups, the World Club Cup and one Copa del Rey since joining Madrid from Tottenham for €30 million in 2012.

The Croatia international, who is currently sidelined with a knee injury, has also become a firm favourite with the Estadio Santiago Bernabeu crowd and a quiet leader inside the Madrid dressing room.

Luka Modric has established himself as a key player at Real Madrid following his arrival in 2012. Getty

Luka Modric has established himself as a key player at Real Madrid following his arrival in 2012. Getty

It had been expected that he would extend a contract that had been set to end in summer 2018, and confirmation that a new deal had been agreed came in a club statement on Tuesday.

"Real Madrid C. F. and Luka Modric have reached an agreement to extend the player's contract with the club until 30 June 2020," the statement read. "Luka Modric will appear before the media on Wednesday at 1:30pm in the press room at the Santiago Bernabeu stadium."

Madrid announced last week that Toni Kroos had agreed a two-year contract extension, tying the Germany international to the club until June 2022.

Other senior Madrid stars, including Cristiano Ronaldo and Gareth Bale, are also close to agreeing new contracts with the European champions, according to reports.