Marca and As are both reporting that Martinez has a release clause of three million euros in his contract, which runs until 2029, making him an absolute bargain. The reports also claim other clubs are interested in the Spain Under-19 international.
Real have reportedly tracked Martinez for some time and could now make their move. If he does switch clubs this summer, there are two options for next season. He could train with the first team under Jose Mourinho and get match practice with the third-division reserve side, or return to Santander on loan for a season.
So far, Martinez has made only 14 professional appearances. One came in Sunday's league opener against FC Villarreal, when he scored his first goal for Racing in the 2-2 draw. Martinez is seen as a player in the mould of Spanish World Cup winner Rodri, who recently turned down Real and chose arch-rivals FC Barcelona instead.
Real Madrid have already invested 225 million euros in the transfer market
Already, Real have spent 225 million euros on new players in the current transfer window. Their marquee signing is right winger Yan Diomande, who arrived from RB Leipzig for 125 million.
As well as that, Los Blancos have strengthened with left-back Marc Cucurella (55 million from FC Chelsea), striker Carlos Espi (25 million from UD Levante) and right-back Denzel Dumfries (20 million from Inter Milan). Centre-back Ibrahima Konate (FC Liverpool) and midfielder Bernardo Silva (Manchester City) arrived on free transfers.
Only ageing stars such as David Alaba and Dani Caravajal have left so far, along with academy products without any prospect of significant playing time such as Gonzalo Garcia and Cesar Palacios.