Kaka is reported to be on the verge of joining Real Madrid after they agreed a £56million fee with AC Milan to sign the Brazil star.
Spanish radio station Cadena Ser claims the two clubs have agreed a deal for the transfer of the 27-year-old midfielder and that personal terms will now be discussed.
Kaka's father and agent, Bosco Leite, is believed to have been in discussions with Florentino Perez for the past month and the deal has now been made public following his return as the Spanish club's president.
However, Kaka's spokesperson, Diogo Kotscho, has warned that an agreement between Real and the former world and European player of the year is still far from agreed.
"Kaka will listen to Real and decide whether or not to make the transfer," he said.
Kaka, who was involved in a similar transfer saga with Manchester City last January and has been linked with a summer switch to Chelsea, spoke earlier on Tuesday of his desire to remain with Milan.
He said: "I will say it for one last time: I do not want to leave Milan.
"I prefer to keep quiet for the time being because I don't want to be misinterpreted or, even worse, manipulated.
"I just want to say to the millions of Rossoneri fans that I have made my choice. I want to stay. Just leave me alone, please."