Rangers have completed the capture of the Wales international from the German side and he has put pen to paper to a four-year contract.
Schalke are earning a little over €3m from selling Matondo to the Gers and add-ons have been included in the agreement.
Schalke though are likely to earn more than €3m for the winger as the add-ons included in the deal are viewed as realistic, according to German broadcaster Sport1.
Matondo joined Schalke from Manchester City’s youth academy and cost the German club a fee of around £11m.
The wide-man was loaned out to Stoke City in the second half of the 2020/21 season, while he then spent last term on loan in Belgium at Cercle Brugge.
Matondo adds to Giovanni van Bronckhorst’s attacking options at Rangers as the Gers look to wrestle the league title back off rivals Celtic next season.
The 21-year-old is due to join his new Rangers’ team-mates in training this afternoon.
