Real Madrid are reportedly preparing to open talks with Toni Kroos over a one-year contract extension.

The midfielder's current deal at the Bernabeu is due to expire in June 2023, and there has recently been speculation surrounding his future with Carlo Ancelotti's side.

Both Manchester City and Liverpool have been strongly linked with the Germany international amid suggestions that Los Blancos could be ready to let him move on during next summer's transfer window.

Meanwhile, Newcastle United and Paris Saint-Germain are also thought to be showing an interest in the 31-year-old, who has scored once in eight appearances at club level this term.

However, according to Italian journalist Nicolo Schira, Real Madrid are preparing to open discussions with the experienced midfielder over a contract extension until June 2024.

Kroos missed the start of the campaign through injury but has recovered to feature in his side's last five La Liga matches, in addition to their last three Champions League fixtures.