The Brazil international sensationally quit Barca for PSG in a world-record move worth €222 million in August, only to be swiftly linked with a transfer to the Santiago Bernabeu.
It has even been suggested that Neymar only agreed to sign for the Ligue 1 powerhouse to ease his potential pathway to Madrid.
And while joining Los Blancos would doubtless still be considered an unforgivable betrayal among supporters of the Catalan giants, Puyol is realistic about the prospect.
"I think he could join Madrid, yes," he told Brazilian newspaper Estadao.
"I don't see any problem with it. He's a professional and it's not that far-fetched.
"I think it'll be difficult for him to leave PSG, though, because they spent a lot of money on signing him."
Puyol and Neymar spent the 2013-14 season playing together for Barca before the homegrown defender called a halt to his illustrious career.
Former Santos star Neymar is currently out injured after breaking his metatarsal against Marseille back in February but Brazil's team doctor has claimed he is still on course to be fit in time for the World Cup.