Blackburn seal Michel Salgado signing
The 33-year-old fullback, who won the last of 53 caps for Spain in 2006, started his career in 1995 with Celta Vigo before joining Real in 1999 and helping the Spanish giants win the Champions League in 2000 and La Liga the following season.
In 10 years at the Bernabeu, Salgado won four league titles, three Spanish Super Cups, two Champions Leagues, the UEFA Super Cup and the Intercontinental Cup.
As part of a rebuilding programme set in motion in June by new Real president Florentino Perez, Salgado agreed to leave the club and will say goodbye on Monday at a specially-organised match between the Madrid side and Norway's Rosenborg Trondheim.
Salgado's move now awaits international clearance, Blackburn said on their website.
The club's manager Sam Allardyce pulled off similar transfer coups during his time at unfashionable Lancashire rivals Bolton Wanderers, luring talents such as Jay-Jay Okocha, Youri Djorkaeff, Ivan Campo, Fernando Hierro and Nicolas Anelka to the Reebok Stadium.