Cristiano Ronaldo's Real Madrid are coming to Melbourne as part of a feast of international soccer next July.

The international soccer friendlies, part of the International Champions Cup, will take place at the MCG on July 18-24.

The reigning European champions and FIFA Club of the 20th Century will be joined by an English Premier League team and Italian Serie A side.

Organisers said the other teams, rumoured to be Manchester City and Inter Milan, would be revealed in the next few weeks.

The long-rumoured event was confirmed this morning by the Victorian Sports Minister Damien Drum.

Drum said he expected the three fixtures would generate around $50 million to the local economy.

He thanked AFL chief executive Gillon McLachlan, which has rights to the MCG during the winter, for scheduling their season around the tournament.

"It has taken some negotiations but the goodwill in which these negotiations have taken place deserves credit," he said.

The three teams will play in a round-robin tournament, which has been staged predominantly in North America for the last two years.

Ronaldo is the current holder of the FIFA Ballon d'Or handed out annually to the world's best player.