Tacon, who were founded in the Spanish capital in 2014, won promotion to the top flight last season and will continue to operate under their original name for the next campaign, but will use Madrid's training ground as their headquarters.
The team will then become part of Real Madrid the following year.
"Real Madrid's board agreed on Tuesday to propose the absorption of women's football Club Deportivo Tacon from July 1 2020," said a statement from Madrid.
"From the 2019-20 season, the first team of CD Tacon will train and play its games at Real Madrid's training ground, as part of the transition process agreed by both clubs."
Spanish newspaper El Pais said last week that Madrid had paid 400,000 euros ($455,000) to buy Tacon, which means heel in Spanish.
Real have long been criticised for not having a women’s team while their biggest rivals Barcelona and Atletico Madrid regularly compete for titles.
Atletico have won the last two editions of the Liga Iberdrola, Spanish women's soccer's top division, while Barcelona reached the final of this season’s Champions League final, losing to Olympique Lyonnais.
A game between Atletico and Barcelona this year played at the Wanda Metropolitano stadium was watched by over 60,000 supporters, a record attendance for a women’s match.
Other major Spanish clubs such as Real Betis, Athletic Bilbao, Sevilla, Valencia and Real Sociedad also have women’s teams which compete in the Liga Iberdrola.
(Reporting by Richard Martin, editing by Pritha Sarkar)
