The 23-year-old will move to Italy’s capital on a two-year loan deal with Roma having an option to buy.
Their option after Mayoral’s first season will be €15m, then €20m after the second season.
With his previous deal expiring in 2021, Mayoral has signed a new three-year contract with Madrid ahead of his move.
Mayoral is due to arrive Rome on Friday to complete his medical and contract signing.
Mayoral’s move to Roma has now been confirmed by the Italian side.
— AS Roma English (@ASRomaEN) October 2, 2020