Rodrigo, who turns 18 next month, has already passed a medical examination and is expected to join the reigning Spanish and European champions this summer, the Folha de S.Paulo newspaper said on Wednesday, reports Xinhua news agency.
His Sao Paulo state league club Novorizontino will receive around $5 million for the transfer, according to the reports.
The attacking midfielder caught the attention of European clubs by scoring five goals in four matches for Palmeiras at the under-17 club World Cup in Spain last year.
The impending deal would make Rodrigo the second Brazilian teenager to commit his future with Real Madrid in less than a year.
The other is Flamengo forward Vinicius Junior, who became the most expensive teenage footballer ever last May when Real Madrid signed him for 45 million euros ($55.45 million).
The move was originally slated to take place in July, but Flamengo are said to be negotiating to keep him for another year.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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