Real Madrid reportedly turned down the chance to sign Isco Alarcon and Santi Cazorla last summer at the directive of Coach Jose Mourinho.
El Confidencial report today that Malaga, in entering into uncertain financial territory last summer, moved to offer both attacking talents to Los Blancos in a combined €35m transfer.
President Florentino Perez reportedly passed the deal over to Mourinho for consideration, before the Portuguese tactician took the decision to reject the opportunity.
Madrid subsequently signed Luka Modric for an initial €30m from Tottenham Hotspur, whilst Arsenal purchased Cazorla for €19m. Isco remains with Malaga and has just signed an improved contract on the Costa del Sol, increasing his buyout clause from €21m to €35m.