Real will pay 60 million euros (80 million dollars) for the midfielder under the accord Perez reached during a meeting with AC Milan vice-president Adriano Galliani on March 16, sports daily Marca reported.
Kaka, who turns 27 later this month, is under contract with Milan through 2013. Perez is also interested in signing Spanish international midfielders Xabi Alonso, 27, from Liverpool and Cesc Fabregas, 21, from Arsenal, according to the Marca article.
Perez served as Real president between 2000 and 2006 when the Spanish giants signed a series of big name players such as Portugal’s Luis Figo and England’s David Beckham, earning the club the nickname the “Galacticos”.
The elections for Real president will be held either on June 7 or 14.