Nevertheless, the Argentine youngster could remain for a further season with Racing on loan, before joining Bernd Schuster's team.

"We’ve signed Garay," Calderon told reporters during Real’s title celebrations.

"I don’t know if he will come to the club this season or next, but we have signed a contract.

"He is a young player and the signing is proof of our desire to create a young, committed team full of enthusiasm and ambition."

Garay was signed by Racing from Newell's Old Boys in 2005, and went on to establish himself at the Primera Liga side's defense.

The 21-year-old scored twice from the spot against Real last season, when Racing beat the champions 2-1.