The Argentine winger faces being shipped out to pay for the former Atletico Madrid striker as Los Blancos seek competition for Karim Benzema at centre forward this season
Real Madrid are holding out for €60 million (£47.5m) for Argentina winger Angel Di Maria and plan to use the money to fund a big-money move for Monaco striker Radamel Falcao.
Di Maria is a target for Paris Saint-Germain but the French champions are yet to meet Madrid's valuation for the 26-year-old and the Argentine could yet stay at the Santiago Bernabeu.
However, Madrid are keen to push through a sale to recoup some funds in another intense period of summer spending, which has already seen the club pay €30m (£23.7m) for Toni Kroos and €80m (£63.2m) for James Rodriguez.
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James's Colombia and former Monaco team-mate, Falcao, could also arrive this summer for a fee in the region of €40m (£31.6m) but Madrid will wait until late in the window to see how he recovers from the anterior cruciate ligament rupture which saw him miss the World Cup.
"Right up until the last day something can happen," Madrid president Florentino Perez told the press this week, "be it buying players or selling them."
Last year, Madrid brought in Gareth Bale and sold Mesut Ozil right at the end of the window and this time the last-minute action could involve Di Maria and Falcao, with Levante goalkeeper Keylor Navas set to seal a move in the coming days.
Di Maria is unhappy at being used as a transfer pawn for the second summer in a row, especially after his brilliant performances helped the club to claim the Copa del Rey and the Champions League last term, and is set for showdown talks with the board when he returns to training on August 5.
Madrid play in six competitions next season and coach Carlo Ancelotti would prefer to keep Di Maria but the Italian also knows that his side need need another centre forward after selling Alvaro Morata to Juventus earlier this summer.
Benzema is now the club's only senior striker and, if the club decide to keep Di Maria (and sell Sami Khedira and Isco instead), Madrid could take Falcao on loan for a fee of €12m (£9.5m) with a view to a permament deal for around €35m (£27.7m) next summer, allowing Ancelotti to assess his fitness after the injury and Perez to raise funds for the move in 2015.