Real Madrid have made Manchester City an offer of £70m (€73m) plus Gareth Bale for Raheem Sterling, according to Sky Sports.
The report claims that Los Blancos will watch Sterling for England at home to Montenegro and away to Kosovo before formalising the bid, although the English side may have little interest in signing Bale.
In September, El Mundo Deportivo outlined how City sporting director Txiki Begiristain is aware of the external interest and in recent weeks has been planning a fresh contract renewal for the player.
The report goes on to cite a story from The Athletic which claims representatives of the former Liverpool forward met with Madrid general director José Ángel Sánchez this summer.
It is claimed that Sterling is happy and comfortable in Manchester, particularly with the influence of boss Pep Guardiola, who has brought his game on significantly in recent seasons.
However, it is also claimed that the forward would be interested in a future move to the Spanish capital although a move is not likely to occur in the next two years.
Last November, Sterling penned a three-year contract extension at City, committing him to the club until 2023 in a deal worth up to £300,000 per week.
Luis Suarez, Cristiano Ronaldo and Eden Hazard are cited as recent examples of Premier League stars who switched to La Liga giants.
Bale is fed up with life at Real Madrid and is working on an exit from the club in January, according to Cadena Ser.
It is claimed that the player’s entourage is pressing Madrid into facilitating his departure and requesting that they listen to offers from suitors, including from China.
A report Marca earlier this week claimed Chinese Super League club Shanghai Shenhua will attempt to sign the Welshman in January.
The same outlet add that the relationship between Bale and Zinedine Zidane is essentially non-existent and the two are drifting further apart.
The Welshman was close to a move to the Far East this summer before Los Blancos president Florentino Perez vetoed the deal late on, with Madrid not being entitled to a transfer fee.