The shot-stopper seems destined to continue his career at the Santiago Bernabeu side after an impressive 2014 World Cup campaign with surprise package Costa Rica
The goalkeeper initially appeared to be on his way to Bayern Munich after Levante vice-president Tomas Perez claimed that a transfer to the Bundesliga champions was all but done.
Nevertheless, Navas has made it clear that he would prefer a move to the Santiago Bernabeu side after Madrid also agreed to meet his £8 million buyout clause.
"Real Madrid are my priority. Everything else gets put on hold for Madrid," the 27-year-old was quoted as saying by Marca.
Navas was one of the revelations of the 2013-14 La Liga campaign as he helped Levante to a 10th-place finish with a string of fine performances.
The former Saprissa and Albacete man further impressed at the World Cup, guiding Costa Rica to the quarter-finals, and he now seems destined to continue his career at Madrid.