According to Cadena SER and journalist José Luis Sánchez, the Valencian club will pay around €2.5m for each player.
Real Madrid will retain 50% of their economic rights, which translates to sell-on clauses.
In addition, Madrid will have first refusal options on both players in the future.
🤝 Levante y Real Madrid han llegado a un acuerdo de traspaso por:
📍Dani Gómez y De Frutos, por el 50% de los derechos de ambos.
📍Operación cerrada entorno a los 5 millones por los dos futbolistas.
📍El Real Madrid se reserva el derecho de tanteo.
🧾 48 mill en ventas RM
— José Luis Sánchez 🇪🇸 (@JLSanchez78) July 29, 2020
De Frutos, 23, is a winger who had loan spells at Real Valladolid and Rayo Vallecano last season.
He is considered one of the most promising footballers in the Spanish market.
Gomez, a 21-year-old forward, enjoyed a good season on loan with La Liga 2 side Tenerife, scoring 11 goals.
A fast and powerful striker, he will compete with Roger Marti and Jose Luis Morales at Levante.
The sales take Real Madrid’s income for the summer to €48m as they continue a summer clear out.