HITC Sport understands from sources close to the club that Real Madrid youngster Cristian Benavente is having a medical at MK Dons.
The 21-year-old, who has been described as the 'Peruvian Ronaldinho', has been at Real since the age of eight, and he has been playing for the club's Castilla side under Zinedine Zidane.
Benavente has caught the eye while in the Spanish capital and a number of clubs have been closely monitoring his progress.
Benavente is highly-regarded at Real, but with the player well down the pecking order at the Bernabeu, they are willing to sell him as long as they can insert a buy-back option in his deal.
The Spanish-born star is a full international for Peru, where his mother was born, and has won eight caps for his country - although he missed out on this summer's Copa America.
Benavente is set to sign a two-year deal with MK Dons once he comes through his medical and his signing is a real statement of intent from Karl Robinson's side as they prepare for their first season in the second tier of English football.