The 28-year-old's existing deal at the Bernabeu is due to expire next June, and he is expected to be sold in the current market unless a new contract is agreed.
According to ABC, Real Madrid are not prepared to run the risk of losing Varane on a free transfer next year and will therefore sanction a sale if they receive an offer somewhere between €60m (£51.5m) and €70m (£60m).
The report claims that Man United, Chelsea and PSG are all keen to sign the France international, with the trio seemingly preparing to battle for a deal in the aftermath of Euro 2020.
The World Cup winner was again a key player for Real Madrid during the 2020-21 campaign, making 41 appearances in all competitions.
Varane is thought to be keen to seek a fresh challenge at this stage of his career, though, and various reports have suggested that he is leaning towards a move to the Premier League. body check tags ::