LISBON (Reuters) -- Real Madrid have agreed to sign Portugal left back Fabio Coentrao from Benfica for a fee of 30 million euros ($43.43 million), the Portuguese club said on Tuesday.

The completion of the deal is subject to the player passing a medical and agreeing personal terms with the Spanish club, Benfica said in a statement.

Coentrao, 23, had a contract with Benfica until 2016 and is regarded as one of the most promising left backs in Europe.

Portuguese newspapers reported on Monday that the player was in Madrid to complete the formalities.

Coentrao joined Benfica from Rio Ave in 2007 as a winger but failed to make an impact in his first season and went on three consecutive loan spells, including a short and unimpressive one at Spain's Zaragoza.

Benfica coach Jorge Jesus recalled Coentrao in 2009 and converted him into a speedy and tricky left back who became a key member of the team who won the Portuguese Premier League title in 2010 for the first time in five years.

Coentrao's fine club form earned him a place in the national team and he impressed at last year's World Cup.

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