Real Madrid are reportedly not planning to be active during the January transfer window despite the recent speculation surrounding the likes of Cody Gakpo and Rafael Leao.

Gakpo has scored three times in four appearances to help Netherlands reach the quarter-finals of the 2022 World Cup, while Leao has managed two goals at the competition in Qatar, with his Portugal side also reaching the final eight.

There is currently widespread speculation surrounding the duo, with PSV Eindhoven said to be ready to sell Gakpo for a fee in the region of £50m during the January transfer market.

AC Milan, meanwhile, are yet to convince Leao to pen a new contract, and his current deal is due to expire in little over 18 months, which has also led to speculation surrounding his future.

Manchester United have been linked with both players, as the Red Devils prepare to sign a replacement for Cristiano Ronaldo, while there has also been suggestions of interest from Real Madrid.

However, according to Marca, Los Blancos 'decided long ago' that they would not be making any signings during the winter transfer window.

The report claims that even the departure of 'two or three players' would not force Carlo Ancelotti's side in the market, with the club instead prepared to was it until next summer to boost their squad.

Man United's Alejandro Garnacho has also recently been linked with a switch to Bernabeu, but it is alleged that there is currently no interest from the Spanish and European champions.

Gakpo is still widely expected to leave PSV at the turn of the year, with Man United seemingly the frontrunners, having been in discussions over a deal for the attacker during the summer.

The Dutchman has scored 13 goals and registered 17 assists in 24 appearances at club level this season.

Leao, meanwhile, was also in strong form for Milan ahead of the World Cup, managing seven goals and nine assists in 20 appearances in all competitions.

The Italian champions are working to sign the Portuguese to a new contract, but it is understood that he is weighing up his options amid the growing list of interested clubs.

Chelsea continue to be heavily linked with the attacker, and it is believed that the Blues had at least one offer for his services turned down during the summer market.

Real Madrid are said to be firmly in the race for Borussia Dortmund's Jude Bellingham, meanwhile, although a recent report claimed that Ancelotti's side are not currently prepared to meet the German club's asking price.