Real Madrid are poised to sign Argentina's Angel Di María for about €25m (£21m), according to reports in the Spanish press.

The deal to bring the winger from the Portuguese champions, Benfica, was agreed in a meeting between the two club presidents yesterday and is expected to be confirmed early next week.

Benfica had initially insisted on the €40m fee specified in the player's buyout clause but after Di María lobbied hard for a move to the Spanish club, Benfica's president, Luis Felipe Vieira, agreed to settle for a lower amount.

The Argentina international will sign a five-year contract worth about €2m a year, making him one of Madrid's more modestly rewarded first-team players.

Di María is currently with the Argentina squad in South Africa and played in their opening World Cup victory over Nigeria on Saturday.

Di María had attracted interest from a number of Premier League clubs including Manchester City. In April Roberto Mancini confirmed that Di María was a player he was studying: "Di María is a good player and, in the future, we'll see."