Real Madrid have re-signed Spain Under-21 international Daniel Carvajal from Bayer Leverkusen.
The right-back joined the German side last year in a deal worth €5m, but Real Madrid included a clause meaning they could buy the player back for €6.5m after one season.
Carvajal established himself as a first-team regular as he helped Leverkusen finish third in the Bundesliga, one point behind Champions League final runners-up Borussia Dortmund.
Leverkusen's sporting director Rudi Voller released a club statement on the website saying: "Real Madrid have exercised their contractual option to buy back Daniel Carvajal.
"We're very sad that Daniel couldn't stay at the club. But it was clear to us from the start that Madrid would come to recognise his ability sooner or later.
"He's been so impressive this season that Real's decision came as no surprise for us."
The ex-Los Blancos academy graduate was nominated for the best right-back in the Bundesliga last season but eventually finished third behind Philipp Lahm and Atsuto Uchida.
Carvajal was almost an ever-present last season, making 32 league appearances for the German side, missing only two games and scoring one goal.
He spent nine seasons at the Bernabeu, having joined them at the age of 10.
In 2010, as an 18-year-old, he made his first appearance for Real Madrid Castilla, Real Madrid's B side, but has yet to feature for the senior side.
The 21-year-old is currently away with the Spanish Under-21 side preparing for the European Championships, which start in Israel this week.
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