The 23-year-old will be tied to the Madrid-based side until the end of 2017, according to Corinthians president Roberto de Andrade.
"It's a done deal. Luciano no longer plays here," Andrade told the Folha de Sao Paulo newspaper on Tuesday.
Luciano is one of the three players set to leave the six-time Brazilian Serie A Champions, reports Xinhua.
According to Andrade, Luciano's strike partner Andre will be sold to Sporting Lisbon while midfielder Bruno Henrique is bound for Italy's Palermo.
Corinthians are currently third in Brazil's Serie A championship, three points behind leaders Palmeiras.
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