David Beckham will leave Real Madrid and join Major League Soccer side LA Galaxy at the end of the season.
The 31-year-old former England captain will sign a five-year deal, reportedly worth £128m.
Beckham told Reuters: "This week Real asked me to make a decision regarding their offer to extend my contract.
"After considering several options to stay in Madrid or join other major British and European teams, I have decided to join LA Galaxy."
In a statement, Beckham continued: "I would like to thank the supporters and people of Madrid who have made my family and I feel so welcome in my time here, making this an extremely difficult decision to make.
"I have enjoyed my time in Spain enormously and I am extremely grateful to the club for giving me the opportunity to play for such a great team and their amazing fans.
"I am proud to have played for two of the biggest clubs in football and I look forward to the new challenge of growing the world's most popular game in a country that is as passionate about its sport as my own.
"For the rest of this season I will continue to give 100% to my coach, team-mates and fans as I believe Fabio Capello will bring this club and its supporters the success they truly deserve."
Beckham left Manchester United in July 2003 to sign for Real, who paid £25m for the midfielder's services.
However, in the three-and-a-half seasons since his arrival, the Spanish giants have failed to win any silverware.
This season has proved particularly disappointing for Beckham, who was dropped by England coach Steve McClaren and struggled to win a place in Real's first team.
LA Galaxy admitted their interest in signing Beckham in November, when general manager Alexi Lalas told the BBC Sport website of his admiration for the former England captain.
In an exclusive interview, Lalas said: "The Los Angeles Galaxy are looked upon as the jewel of Major League Soccer.
"We play in the best stadium we have had incredible success over the history of the league, we have had great individual players and great teams. There's a tradition of excellence.
"All of this leads to this race to become the first MLS super club, if you will.
"It is something we aspire to and in order to do that you have to have quality players, a direction and a passion, a good coach and you have to get credibility domestically and internationally.
"Signing players of Beckham's stature would be a wonderful step in the right direction not just for the Galaxy but for soccer in America."
Landon Donovan, Galaxy's star player, said Beckham's arrival would be a huge boost to MLS.
"I think it's hard to quantify what David Beckham being here would mean," he said.
"Marketing-wise it's a dream come true and it's not a 35, 36-year-old washed-up guy.
"It's a guy who can still play and a guy who still has a lot of appeal, probably the most famous soccer player in the world."
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