Madrid: Record European football champions Real Madrid have announced the signing of Brazilian teenager Vinicius Junior of Flamengo for a reported transfer fee of around 45 million euros ($50.4 million).

The deal will take effect in July next year but the 16-year-old will remain at Flamengo until July 2019, according to a Real Madrid statement on Tuesday.

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 news agency reported.

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

According to media reports in Brazil, it was the second-most expensive transfer in Brazilian football history after Neymar's move to FC Barcelona in 2013.

Dubbed as the next "Neymar", Vinicius has been the standout young player at Flamengo since bursting onto 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.