(Bloomberg) -- England midfielder Jude Bellingham is poised to join Real Madrid in a transfer deal valued at €103 million ($110 million), the second-highest fee for a Bundesliga player.

Bellingham’s home club, Borussia Dortmund, and this year’s runner-up in Spain’s La Liga signed an agreement in principle, the German club said in a statement on Wednesday. The parties also agreed on variable fees of as much as 30% of the fixed transfer cost, linked to achieving targets over the next six seasons.

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Dortmund’s stock traded up 1.4% at €4.38 as of 5 p.m. in Frankfurt. Europe’s transfer market is hotting up as top-tier leagues complete the 2022-2023 playing season. Real Madrid’s latest signing comes after French striker Karim Benzema announced his departure from the club after 14 years. 

In 2017, Dortmund sold Ousmane Dembele to Barcelona for €140 million, according to the TransferMarkt website.

--With assistance from Christoph Rauwald.

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