A statement released by Real confirms the La Liga champions will own the rights to the Brazilian from July 2018, when the player turns 18.
Vinicius Junior will remain at Flamengo until July 2019, unless both sides agree otherwise.
Reports in Spain suggest the deal is worth around £38m, which would make him the second most expensive signing from Brazil, behind Barcelona star Neymar.
Junior only made his Flamengo debut this month, after impressing for Brazil U-17s, at the South American U-17 Championship in Chile.
He finished the competition as top scorer with seven goals and was named Player of the Tournament.
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