The most pressing question surrounding Real Madrid this summer is whether Florentino Perez can land Michael Olise before the transfer window closes. The Bayern Munich winger has emerged as the club's primary target, with former Los Blancos midfielder Claude Makelele reportedly urging Perez to push through the deal and comparing Olise's influence to Lionel Messi. PSG have stepped back from the race, leaving Real Madrid in pole position, though a fee in excess of €200 million and the risk of damaging relations with Bayern are complicating factors. A further twist arrived when Olise appeared to communicate a desire to stay in Munich, casting fresh doubt on a move that seemed to be gathering pace.

While that saga plays out, Jose Mourinho has wasted no time setting the tone at Valdebebas. Trent Alexander-Arnold described the returning coach's pre-season methods as intense, with high standards evident from the opening sessions. A friendly against Leganes on July 28 gives Mourinho his first opportunity to assess the squad in match conditions.

Beneath the transfer noise, a contract dispute with Vinicius Junior adds a layer of tension. Talks have reportedly hit a stumbling block over financial terms, and the club is navigating carefully to avoid upsetting the existing hierarchy of Kylian Mbappe and Jude Bellingham. Mbappe himself finished the LaLiga season without a major trophy after two years in Madrid, a fact that has sharpened scrutiny on the club's direction. Real Madrid finished second in LaLiga on 86 points, eight behind Barcelona, underlining the need for a strong summer rebuild.