Navas, who proved one of the stars of the World Cup with some fantastic performances as his team reach the quarter-finals, is expected to join Madrid imminently.
As detailed by Marca, Madrid have agreed to pay the Levante goalkeeper’s buyout clause of €10 million (£7.9m), with €8m going to Levante and €2m to Navas himself.
The deal will be formalised once Madrid finalise the sale of Diego Lopez, who has been attracting interest from both Napoli and Monaco.
Navas, 27, had only one year left on his contract with Levante.
Bayern Munich were also interested in signing the keeper while Atletico Madrid and Porto also reportedly failed with bids which did not match his release clause.
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- Atletico Madrid