Rio de Janeiro, May 23 (IANS): Record European football champions Real Madrid will this week finalise their 45 million euro ($50.4 million) signing of Brazilian teenager Vinicius Junior of Flamengo, multiple media reports said.

Despite the deal, Vinicius will remain with the Rio de Janeiro club until his 18th birthday in July next year, the Globo newspaper said on Monday.

Real Madrid are said to have beaten off interest in the teenager from a slew of other high-profile suitors, including Barcelona, Chelsea and Manchester United, Xinhua reported

Vinicius made his first-team debut for Flamengo earlier this month. He is tied to the club until 2019 and has a 30 million euro ($33.73 million) release clause written into his contract.

Dubbed as the next "Neymar", Vinicius has been the standout young player at Flamengo since bursting into the scene with the under-13 side.

In March 2017, Junior helped Brazil win the Under-17 South American Championship, scoring seven goals and being named the tournament's best player.