The Brazilian midfielder Emerson completed his move to Real Madrid from Juventus after passing a routine medical on Wednesday.
Emerson was set to sign a three-year contract before being presented at Madrid's Santiago Bernabeu stadium.
The 30-year-old Brazil international follows Italy captain Fabio Cannavaro, who arrived on Tuesday from Juventus as the first part of a double transfer estimated at euro20 million (US$25.3 million).
Cannavaro and Emerson agreed on their moves after Juventus was demoted to Serie B in the Italian match-fixing scandal. They are Madrid's first signings since Ramon Calderon was declared the winner of the club's presidential election on July 3.
Calderon hopes the experienced duo will help Madrid's three-year drought without a trophy.
Usually occupying a defensive position in midfield, Emerson is seen as a replacement for Claude Makelele, whose departure to Chelsea in 2003 is viewed as a major reason for Madrid's problems on the field.
Emerson joined Juventus from AS Roma in 2004 and won Italian league titles in 2005 and 2006, although Juventus has been stripped of the honors.
Emerson, who will be reunited at Madrid with former Juventus coach Fabio Capello, has also played for Bayer Leverkusen and Gremio.
Madrid kicks off its Spanish league campaign on August 26 or 27 with a home game against Villarreal.