"I'm really looking forward to the massive challenge ahead of me," the former Liverpool player told Real Madrid's website.

"Raul, Ronaldo and (Fernando) Morientes are three of the best strikers in the world and I'm fully aware of how hard I will have to work if I want to get a chance to play here."

Brazilian striker Ronaldo was Real's top scorer with 23 league goals last season, Spanish international Raul ranks second behind the great Alfredo di Stefano as the highest all-time scorer in the European Cup and Morientes was the leading marksman in last season's Champions League, allbeit on loan to Monaco.

It was Di Stefano, now an honorary president at Real, who presented Owen with the number 11 shirt that he will wear next season, a number that was worn by six-times European champion Paco Gento and by English striker Laurie Cunningham when they played for the club.

Owen completed his 12 million-euro ($14.71 million) move to Real after undergoing a lengthy medical. He has signed a four-year contract with the club.

The 24-year-old former European Footballer of the Year follows in the footsteps of his England captain David Beckham, who joined the club last season for a fee of up to 35 million euros.

He is the fifth high-profile player or "galactico" to join Real since Florentino Perez became president of the club in 2000 and joins Luis Figo, Zinedine Zidane, Ronaldo and Beckham to become part of the most glamorous team in world football.

"The simple fact of being able to train with a team full of stars will make me a better player as well as a better person," said Owen. "It's a fantastic challenge and I can't wait to put on the famous Real Madrid shirt."

Owen explained that Liverpool had given him permission to talk to Real about 10 days ago but said he "could hardly believe" the speed with which the move went through.

The Chester-born striker, who has spent his whole career at Anfield, said he would never forget his time at the club.

"I would like to thank everyone there, especially the fans for the marvellous years I spent there," he said.

"I was part of the club since I was 11 years old and it will always form part of my life. I want to wish them the best of luck in the future.

"The club is in excellent hands under Rafael Benitez and I'm sure they will be very successful."

Owen said he had spoken to both England manager Sven-Goran Eriksson and to new club colleague David Beckham about the move to the Bernabeu.

"I talked with Eriksson and he is delighted that I have signed for this great club and Beckham often tells me things about life in Madrid.

"When I play for England next week I'll be asking him more questions than ever."

Owen said he would be leaving Madrid to hook up with his England colleagues to prepare for next week's friendly against Ukraine and would return to the Spanish capital next Thursday.

He added that both his girlfriend Louise and their daughter Gemma would be joining him as soon as possible.