The Champions League winner is considering a move for the Manchester City striker should a deal for Radamel Falcao fail to materialize, while Valencia is also keen.
|VIEW FROM SPAIN
|Alberto Pinero | Goal Spain
Nothing Real Madrid has said publicly suggests it considers itself in need of a new striker, despite selling Alvaro Morata to Juventus this summer.
Alvaro Negredo also departed Santiago Bernabeu on bad terms, after being brought back from Almeria and sold to Sevilla in the blink of an eye in the summer of 2009.
Valencia seems like a more realistic option at this stage, given that Negredo would be the undisputed first choice at Estadio Mestalla.
That said, the potential departures of Angel di Maria and Sami Khedira would leave Carlo Ancelotti with just 20 senior players in his first-team squad, and the Italian has already stated publicly that he wants 22 in his final group.
Negredo, who City values at 25 million euros, began last season in fine form but lost his scoring touch and failed to find the back of the net during the final four months of the campaign.
The Spaniard subsequently missed out on a place on Spain's World Cup squad and a broken metatarsal suffered in preseason against Dundee is likely to see him ruled out until September.
Negredo, who faces competition from the likes of Sergio Aguero, Edin Dzeko and Stevan Jovetic for a starting spot at City, has also been attracting strong interest from Madrid's Liga rival Valencia.
Goal understands that, as a result of the striker's family ties in Valencia, he would be open to a move to Estadio Mestalla. But a late intervention from Madrid could be decisive.
The 29-year-old, who had a spell with the Real Madrid B team earlier in his career before being offloaded to Almeria, would be open to a return to Spain and Carlo Ancelotti's side will likely be unperturbed by City's asking price.
Madrid is also set to free up funds from the sale of Manchester United target Angel di Maria in the coming days, with Ancelotti revealing Thursday that the Argentina international has asked to leave the club.