MADRID: Real Madrid striker Alvaro Morata has joined Juventus for a fee of 20 million euros ($27.06 million), the Italian champions said on Saturday.

The 21-year-old striker signed a five year contract for Juventus after undergoing a medical although Real have included a buy-back clause in the contract.

“Morata has agreed a five-year contract with the club for a fee of 20 million euros, to be paid over three years,” a statement from Juventus said.

“The deal includes the option for Real Madrid to reacquire the player’s registration rights at the end of the 2015/16 or 2016/17 campaigns at predetermined values up to a maximum of 30 million euros.

“These values will be based on the number of matches played by Morata.” A highly-rated product of the Real youth academy, Morata came to the fore in the 2012-13 season, former coach Jose Mourinho’s last at the club, but he was not able to maintain that progress last season.

“I am very happy to start a new adventure here. I am looking forward to starting right away,” Morata told reporters on his arrival at Turin airport.

Meanwhile, another Real starlet, Casemiro, has moved out on loan to Porto for the upcoming season.

The 22-year-old defensive midfielder has arrived in Portugal to plug the gap left by fellow Brazilian Fernando who joined Manchester City last month.

Lampard close to NYC transfer

England international Frank Lampard is expected to confirm his move to new Major League Soccer franchise New York City FC next week, according to British media reports.

The 36-year-old was released by Chelsea at the end of last season following the expiration of his contract.

He left Stamford Bridge as the club’s record goalscorer with 211 from 648 appearances during a 13-year spell in west London.

It is understood Lampard was impressed by the Manchester City and New York Yankee-owned club’s vision.

Should Lampard sign, the midfielder may follow the lead of another recent recruit, Spanish record goalscorer David Villa, in joining their sister club, Australian-side Melbourne City, to maintain fitness ahead of the MLS season in March 2015.

Transfer market closed for Chelsea

Chelsea’s purchase of Brazilian defender Filipe Luis from Atletico Madrid on Friday was the English Premier League club’s final act of the transfer window, manager Jose Mourinho said.

The Blues, who finished third last season, have spent around 80 million pounds ($136 million) in the close season on Luis, striker Diego Costa, Cesc Fabregas and Hajduk Split midfielder Mario Pasalic.

“We finished the market today,” Mourinho told BT Sport. “The transfer market closes 31 August and we close on July 19.

“My club did a fantastic job, not just because of what we bought, but because we did it in almost record time.

“The club did fantastic, we knew the targets, we knew the players and the club attacked them and their clubs at a very early stage.” Chelsea had also been linked with a move for Real Madrid’s German World Cup-winning midfielder Sami Khedira but Mourinho said he was pleased with the squad he had at his disposal.

“We got exactly what we need and what we want. The squad is one which I like very much and I look forward to starting the season,” the former Real boss said.

The purchase of former Arsenal captain Fabregas was a particular coup but Mourinho said the Spaniard took little convincing and had not been considering a return to the Gunners.

“I spoke with him for 20 minutes. I think he really wanted to come to us,” the 51-year-old said.

Injured Walcott expected back soon

England winger Theo Walcott is expected back in training in August as he steps up his recovery from knee surgery, Arsenal manager Arsene Wenger said.

Walcott has been sidelined since January after suffering knee ligament damage in an FA Cup victory against Tottenham.

The injury required an operation, ruling Walcott out of Arsenal’s successful FA Cup run, which finally ended the club’s long trophy drought, and also forcing him to miss the World Cup.

But the 25-year-old, who recently became a father for the first time, is back in light training as Arsenal begin their pre-season preparations and Gunners boss Wenger is hopeful the winger will be back in action soon after the start of the new Premier League season next month.

“He’s progressing very well,” Wenger told Arsenal’s website.

“He’s worked very hard during the summer and we expect him to be back in full training at the end of August.