According to Spanish outlet Don Balon, Jose Mourinho is keen to sign an attacking midfielder in the summer and has set his sights on the Spaniard.
But club President Florentino Perez is still dissatisfied with Madrid's dismal title defence this year and will look to rectify that next season the only way he knows how - by spending a lot of money on new players.
"I spoke to the pair of them the other day, they would both like to score more goals but everyone is working well".More news: Best of WWE Raw as the Superstar Shake-up kicks off
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But due to their Champions League date with AS Roma next week, the Reds boss might be forced to rest most of his players for the EPL game.
However, they are back in action this weekend as they travel to West Brom in the Premier League's early kick-off (12:30pm).
The 28-year-old is tipped to face the Estadio Santiago Bernabeu exit door this summer, with Zinedine Zidane seemingly losing faith in the Welshman and willing to offer him up to fellow European giants if he can gain something in return.
Liverpool has been showing interest in the 21-year-old labeling the Spaniard as a flawless long-term replacement for German global Emre Can.