Real Madrid have reached agreement with Portuguese side FC Porto for the transfer of goalkeeper and captain Iker Casillas, the Spanish club announced on Saturday.
Casillas joined Real`s youth academy in 1990 and has won 19 trophies during his 16 seasons as a professional.
"Real Madrid and FC Porto have agreed the transfer of Iker Casillas to the Portuguese club," Real Madrid said in a statement.
The 34-year-old Casillas had two years left on his contract with Real Madrid.
Porto, coached by former Real Madrid and Spain goalkeeper Julen Lopetegui, will compete in next season`s Champions League after finishing runners-up to Benfica in the 2014-15 Portuguese season.
Lopetugui already has six Spaniards in his squad and both his assistant coaches are Spanish.
A World Cup winner and two-time European champion with Spain, Casillas has clinched five Spanish titles, three Champions League trophies and two King`s Cup crowns since making his first-team debut with Real Madrid in 1999.