The 21-year-old has won the Serbian SuperLiga, the Portuguese Primeira Liga and the German Cup during his still nascent career and has been capped four times by Serbia.
Madrid have signed centre-back Eder Militao from Benfica for €50m, while forward Rodrygo will arrive from Santos this summer for €54m in a deal agreed a year ago.
Serbia worldwide Jovic, 21, scored 29 goals in all competitions for club and country last season, including 10 goals in 14 games in Europe as Eintracht reached the semifinals of the Europa League, losing to eventual winners Chelsea. And his performances for the Eagles, scoring 27 goals in 48 games across all competitions - including 10 in the Europa League en route to the semi-finals - led to the German club exercising that option.
Jovic originally belonged to Benfica, but after a season in Germany, Eintracht took over their rights and has now made a decision to sell their star player to Real Madrid.
It was reported last month that the Spanish giants had agreed a deal with the Premier League club to sign Hazard after last Wednesday's Europa League final for €100 million. "His explosiveness and scoring skills have spread throughout Europe and we've benefited over the past two years, not only from his goals".
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Jovic will compete with French forward Karim Benzema at Madrid, which also has forwards Gareth Bale, Lucas Vazquez, Mariano Diaz and Vinicius Junior.
"But for us it was clear that there is a financial pain threshold. It's an important and good piece of transfer business for Eintracht Frankfurt".
"In sporting terms, Luka Jovic is a big loss for us", he said in a statement. We wish Luka only the best for his future. He has what it takes to have a great career. "We are proud to have helped him on his way", Bobic said.
The team struggled for goals last season following the departure of Ronaldo to Juventus.