Atletico Madrid have signed Portugal forward Joao Felix for 126m euros (£113m) from Benfica in the fifth most expensive transfer in history.

Benfica have confirmed Atletico will pay the fee in instalments, after bidding 6m euros more than the 19-year-old’s 120m euro release clause.

Only Neymar, Kylian Mbappe, Philippe Coutinho and Ousmane Dembele have moved for more money.

Felix has signed a seven-year deal with Atletico.

He made his senior debut in August and scored 15 goals last season as Benfica won the title.

Felix is now the second-most expensive teenager following the 180m euros paid to Monaco by Paris St-Germain for France forward Mbappe in 2018.

The former Porto youth player made his international debut against Switzerland in the Nations League semi-final in June.

He scored a hat-trick against Eintracht Frankfurt in the Europa League in April, becoming the youngest Benfica player and the youngest Portuguese footballer to score three goals in Europe and the youngest player ever to do so in the Europa League.

Atletico striker Antoine Griezmann has confirmed he will leave the club this summer, with Barcelona expected to pay his buyout clause of 120m euros.

On Wednesday, Atletico also confirmed the signings of two players from Porto.

Mexico midfielder Hector Herrera, 29, has signed a three-year deal after moving on a free transfer, while Brazil centre-back Felipe, 30, has joined for 20m euros (£17.9m).

The club also confirmed the sale of Spain midfielder Rodri, 23, to Premier League champions Manchester City in a £62.8m deal.