Real Madrid officially introduced their newest acquisition, Colombian James Rodriguez, on Tuesday in front of a thrilled crowd inside the Santiago Bernabeu.

Real Madrid confirmed on Tuesday that Rodriguez will sign a six-year deal with the club after striking a lucrative transfer agreement with Ligue 1 French club Monaco.

"Real Madrid have reached an agreement with Monaco for the transfer of James Rodriguez, who will join the club for the next six seasons," the club said in a statement.

Terms of the transfer agreement were not disclosed, but reports indicated that the fee could be around €80 million ($108 million USD) -- the fourth most expensive transfer in history, following Gareth Bale, Cristiano Ronaldo, and Luis Suarez -- who recently moved from Liverpool in the English Premier League (EPL) to La Liga's Barcelona club in Spain.

Rodriguez spent just one season in Monaco after moving from Primeira Liga club FC Porto for a €45 million fee ($61 million USD) last summer. The Colombian international had a promising season in Monaco, but Rodriguez had been linked to Real Madrid after his stellar performance in the 2014 FIFA World Cup.

The 23-year-old midfielder shined in the spotlight for the Colombian national team after their star striker and Monaco teammate Radamel Falcao failed to recover in time for the tournament.

Rodriguez did not disappoint and exceeded expectations, scoring six goals for Colombia, which were enough for him to win the 2014 World Cup Golden Boot award while also getting the citation for the best goal of the Brazil tournament.

Monaco CEO Vadim Vasilyev said in a statement on Tuesday that they had no plans to sell Rodriguez this summer but they felt that Real's lucrative offer will be beneficial for the team in the long run.

"James is a fantastic player who achieved great things with AS Monaco. The club had no intention to sell the player; however, the time came when the solution of a transfer was considered to be the most beneficial solution for all parties," Vasiliyev said in a statement. "AS Monaco is proud to be a party to one of the most significant transfers in football history. AS Monaco is a club that will continue to grow and remains focused on the future."

Rodriguez scored nine goals and had 12 assists in 30 games for Monaco last season, helping the club finish second to Paris Saint-Germain in Ligue 1 to earn a spot in next season's UEFA Champions League.