AFP

Madrid, Apr 7: Florentino Perez, the favourite to win June elections for Real Madrid president, has reached an agreement with AC Milan to sign Brazilian star Kaka, a newspaper reported Monday.

Real will pay 60 million euros ($80 million) for the midfielder under the accord Perez reached during a meeting with AC Milan vice-president Adriano Galliani on March 16, sports daily Marca reported.

But possible offers from Chelsea and Manchester City, who are both interested in the 2007 FIFA World Player of the Year, could complicate the Brazilian international's transfer to Real, the newspaper added.

Kaka, who turns 27 later this month, is under contract with Milan through 2013.

Perez is also interested in signing Spanish international midfielders Xabi Alonso, 27, from Liverpool and Cesc Fabregas, 21, from Arsenal, it said.

Perez served as Real president between 2000 and 2006 when the Spanish giants signed a series of big name players such as Portugal's Luis Figo and England's David Beckham, earning the club the nickname the "Galacticos".

The elections for Real president will be held either on June 7 or 14.

Perez has not yet said if he intends to stand in the election but Spanish media are certain of his return and polls show he is the big favourite.