Real Madrid are reportedly keeping a close eye on Brahim Diaz's contract developments at Manchester City and could make an approach for the teenage forward at the end of the season.
Diaz is only tied down to the Etihad Stadium until next June and is therefore able to speak to foreign clubs about a summer move from the start of 2019.
The Daily Mail reports that Madrid are keen to strike a deal for a player that they previously missed out on in 2013, with Malaga preferring to sell the youngster to Man City.
Restricted to just a couple of EFL Cup appearances for the Citizens this term, Diaz is said to be deliberating on whether to extend his contract by another few years.
City spent around £4m to sign the Spain Under-21s international from Malaga, but they risk losing him for nothing if terms cannot be agreed on a new deal in the next six months.