Manchester City striker Edin Dzeko could join Real Madrid at the end of the season, with Gonzalo Higuain moving in the opposite direction.
It is understood that Dzeko, 26, is unhappy at his lack of football this season while Madrid boss Jose Mourinho a keen admirer of the Bosnian, according to The Sun.
Higuain, 24, has scored 21 goals in 40 games for Madrid this season, but has been dropped to accommodate teammate Karim Benzema in recent weeks.
City boss Roberto Mancini, meanwhile, is reportedly keen to pair Higuain with Sergio Aguero in a new-look strike force.