The statement reads:
Pellegrini, who spent five very successful years at Villarreal, has been linked with the job for over a week, but his agent denied rumors that a move had materialized.
Real Madrid C.F. and Manuel Pellegrini have reached a deal for the Chilean to become the first team head coach.
President of Honor, Alfredo di Stefano, and Club President, Florentino Perez, will officially present the new coach on 2 June at 12:00 CET at the Presidential Balcony of the Santiago Bernabeu.
Subsequently, Director General and Presidential Aide, Jorge Valdano will accompany Manuel Pellegrini during a press conference.
Earlier today, Villarreal's general manager Jose Manuel Llaneza confirmed that there was contact with Real Madrid and the two clubs were on the brink of reaching a deal.
The move is seen as a positive initiative on behalf of Florentino Perez, who many tipped to seek the services of Carlo Ancelotti and recreate the Galactico Era under the Italian coach. Pellegrini is famous in Spain for his optimism in youth scouting, an aspect that will go down well among Real Madrid fans worldwide.
Pellegrini makes history for being the first ever Chilean coach of Real Madrid. He is now faced with the huge task of rebuilding Los Blancos' squad over what will be a very entertaining summer in the Spanish capital.
Feras Saad, Goal.com