The exciting youngster could be set for a move to Los Merengues, according to reports...
Sources from the Russian club have stated that English Premier League side Chelsea has made inquiries for the player who is widely regarded to be the next major talent to emerge from Russian football.
But the transfer restrictions placed on the London club means that Real Madrid have stepped up their interest, and have made a tentative approach to the Russian side.
CSKA Moscow, who ironically have recently appointed former Los Blancos coach Juande Ramos as their new man in charge, will likely demand a considerable fee for Dzagoev, who netted his first Champions League goal in the 3-1 defeat to Wolfsburg in midweek.
The midfielder burst onto the scene in 2007, and the following year was voted the young player of the year in the Russian league, and has since been capped 4 times at full international level.
Paul Macdonald, Goal.com