Real Madrid's summer is being defined by a high-stakes pursuit of Bayern Munich winger Michael Olise, with president Florentino Perez reportedly identifying him as the club's top transfer priority. PSG have stepped away from the race, leaving Madrid as the frontrunners, though a fee in excess of €200 million and the need to avoid a diplomatic fallout with Bayern are complicating any formal bid. The situation shifted when Olise appeared to communicate a desire to stay in Munich, but more recent reports suggest he remains keen on a move to the Bernabeu, with French teammates Kylian Mbappe, Aurelien Tchouameni and Ibrahima Konate reportedly acting as advocates for the switch.

Off the pitch, Madrid face a pressing concern closer to home. Contract talks with Vinicius Junior have reportedly stalled over financial disagreements, creating uncertainty around one of the squad's most important players. The club is said to be navigating those negotiations carefully to avoid unsettling Mbappe and Jude Bellingham in the process.

Mbappe himself arrives into the new season carrying the weight of two trophy-less years at the club. A difficult end to the 2025-26 campaign, shaped partly by off-field controversy, left his standing in Madrid fragile. His performances at the World Cup, where France reached the final, offered some rehabilitation, and he has since been named the cover star for EA SPORTS FC 27, a marker of his enduring commercial profile. Madrid finished second in LaLiga, eight points behind Barcelona, and Mourinho's squad will need a sharper pre-season, beginning with a friendly against Leganes on July 28, to build the momentum the club demands.