Manchester City have been linked with a move for Pepe, but reports suggest that their Plan B is Martin Demichelis of Atletico Madrid.
The Argentine centre-back moved to the capital club this summer after his contract at Malaga expired.
And Marca believe that the Premier League side will try and bid for the veteran if they fail in their pursuit of the Real Madrid man.
City boss Manuel Pellegrini previously worked with Demichelis at the Andalusian club, and would like to reunite in England.
The paper believes that Atleti would have no problems selling the centre-back, despite only signing him in June.