Real Madrid, the home of football champions like Cristiano Ronaldo and Gareth Bale, is set to take part in Melbourne’s International Champions Cup tournament in July 2015.

Victorian Sports Minister Damian Drum confirmed the team will appear at the famed Melbourne Cricket Ground for the tournament, which will run from July 18-24 in 2015.

• Is Cristiano Ronaldo the greatest footballer ever?

The two other teams competing in the round robin are yet to be confirmed, but full squads are expected to attend as the tournament takes place ahead of the European season.

The International Champions Cup is expected to pull thousands to Melbourne, with the Victorian government pledging more than $10 million to help fund the three-team showdown.

Mr Drum said he expected the extravaganza to generate around $50 million for the local economy.

Visits from overseas sports teams are proven to pay off: when fellow high profile team Liverpool played Melbourne Victory in Melbourne in 2013, the match pulled a crowd of 95,000.