Paving the way for Mbappe, Isco's exit and how Real Madrid's January transfer window could look

Real Madrid’s season under Carlo Ancelotti has gone better than even president Florentino Perez might have reasonably expected.

The Italian coach was not Perez’s first choice but was brought back to help steady the ship after Zinedine Zidane walked out for the second time.

Ancelotti has done more than that, and given Madrid a commanding lead at the top of the table, as well as helping Brazilian starlet Vinicius Junior hit the form of his career.

He is also getting every last drop of juice out of Luka Modric, Toni Kroos and Casemiro in midfield and playing with verve in attack, thanks to Vinicius and the supreme Karim Benzema.

The defence has slowly tightened up too in recent weeks, with a run of five consecutive clean sheets only broken by Getafe on Sunday.

Madrid have suffered just two domestic defeats while, after their beating by minnows Sheriff, they went on to dominate their Champions League group.

It has been a remarkable start to the season with little turbulence, despite the departures of defensive bedrocks Sergio Ramos and Raphael Varane.

David Alaba has already become the leader of the defence since joining from Bayern Munich, while the other arrival, Eduardo Camavinga, has not yet had many chances to shine.

Potential ins

Given how well Madrid have started the season, there are not too many gaps to fill in January. It is a time of year that Madrid historically have not been keen on reinforcing in either.

Instead, they are focused on bringing Kylian Mbappe to Santiago Bernabeu on a free transfer from Paris-Saint Germain in the summer, much to the annoyance of the forward's current employers.

When Madrid face PSG in the Champions League last 16 they will get a close up look at their primary transfer target.

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Chelsea’s Antonio Rudiger is also a target but he too would arrive at the end of his contract.

Reports in Spain suggest Erling Haaland is another they would love to bring in from Borussia Dortmund, but that too would be a summer switch and there may not be room for him now that Vinicius has matured into one of the most dangerous and exciting forwards in the world.

The truth is, it would be a big surprise if Madrid added to their squad in January, although if there is one spot they could improve on, it is at right-back.

Dani Carvajal has not been in good form after injury and Madrid are likely ruing selling Achraf Hakimi to Inter. Ajax’s Noussair Mazraoui is out of contract in the summer but Madrid might consider making a move in January.

Then again, Alvaro Odriozola is resurrecting his career on loan at Fiorentina and might be given a second chance in the Spanish capital.

Potential outs 

Madrid would like to be rid of a few players who clearly are not part of Ancelotti’s plans.

Gareth Bale is the first name on the list, with his huge wages an annoyance for Perez. They would also be happy to get Isco and Marcelo off the books.

Spain midfielder Isco's career has come to a standstill at Madrid, while Marcelo is a liability on the pitch now, although can still have a good impact in attacking areas because of the quality of his delivery.

The problem for Madrid is that these three players have been for sale for quite some time already and nobody is biting.

Eden Hazard is another expensive problem for Madrid, and it seems Ancelotti has tired of giving the Belgian chances.

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"He is ready to play but the problem is that the coach prefers another player," the Blancos boss said in October.

The only match in which Hazard has played 90 minutes this season was the frustrating 0-0 draw with Cadiz in mid-December.

His recent appearances might have more to do with Madrid putting him in the shop window than any renewed belief in his ability.

Meanwhile, striker Luka Jovic has been near a Bernabeu exit before but the Serbian is unlikely to depart in the winter, having recently covered well for Benzema. This could be his last chance to make it at Madrid.

Loans

Isco is the main name who could be loaned out, to give him a chance to play again and also help clear some space on the wage bill.

Madrid would still likely have to pay part of his salary, though, given he earns around €13m (£11m/$15m) a season.

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Miguel Gutierrez has been linked to Elche on loan and it could be a good opportunity for the left-back, with Ferland Mendy back in first-team action, while both Alaba and Nacho Fernandez can cover that area.

Central defender Jesus Vallejo might also hope for the chance to play elsewhere, given he has made just one appearance this season in La Liga, and he has been linked with Valencia and Newcastle United. Eder Militao’s good form alongside Alaba has blocked any hopes he had of playing this season.

Dani Ceballos recently made the Madrid bench again after injury but might also be an option for clubs to take on loan because he has Camavinga ahead of him in the pecking order. Real Betis have been linked with a move for their former midfielder next summer.

Contracts 

Real Madrid’s main task in this area is extending Luka Modric's stay at the Bernabeu. The 36-year-old's current contract expires in June 2022.

The other players who are out of contract in the summer are the aforementioned veteran triumvirate of Bale, Marcelo and Isco.

When they leave, it will be the overdue end of an era. All have left some great memories at Madrid but have undoubtedly stayed too long.

Madrid have no fires to put out elsewhere, with Benzema, Toni Kroos and Nacho all still having 18 months left to run on their respective contracts. There is no concern there.

However, Marco Asensio is in line for an extension in the coming months, as Madrid will not want to lose him at the end of his deal in June 2023.

It is a testament to the improved way Real have been run in recent years that there are few problems to solve, either in terms of personnel or contracts.