Real Madrid are reportedly among the favourites for Jude Bellingham but will not pay the €150m (£130m) that Borussia Dortmund are said to be demanding for his signature.
The 19-year-old is widely expected to leave BVB next summer, with many of the biggest clubs in world football said to be keen on him.
Manchester United, Liverpool, Chelsea and Manchester City are all believed to be in the hunt for the England international's signature.
However, Real Madrid are also said to be admirers, with Los Blancos thought to have identified him as a leading transfer target for next summer's transfer window.
According to Marca, Bellingham has made it clear that he wants to move to Bernabeu, with Carlo Ancelotti's side said to have been in touch with his representatives to discuss a deal.
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However, the report claims that Real Madrid are unwilling to meet Dortmund's current asking price.
The Bundesliga giants are said to currently value the Englishman in the region of €150m (£130m), and they are in a strong position to demand a high transfer fee, with his current deal due to run until June 2025.
Bellingham has been in excellent form for Dortmund during the 2022-23 campaign, scoring nine goals and registering two assists in 20 appearances in all competitions.
Meanwhile, he has now represented BVB on 110 occasions since his arrival from Birmingham in the summer of 2020, contributing 19 goals and 20 assists in the process.
Bellingham is said to have had an offer from Man United two years ago, but his camp believed that a switch to Dortmund would be more suitable at that stage of his career.
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Real Madrid spent big on Aurelien Tchouameni last summer, with the France international arriving at Bernabeu from Monaco.
Meanwhile, Federico Valverde and Eduardo Camavinga are both seen as key players for the Spanish and European champions both now and in the future.
Casemiro was sold to Man United last summer, though, and there is uncertainty surrounding the futures of both Toni Kroos and Luka Modric, with the pair only having contracts until the end of the campaign.
Dani Ceballos could also leave for nothing next June, meaning that Los Blancos might have to revamp their midfield ahead of the 2023-24 campaign.
Paris Saint-Germain and Bayern Munich are also said to be admirers of Bellingham, although it is believed that the strongest interest is currently arriving from Bernabeu and the Premier League.
