The 23-year-old has bagged eight goals in Primera for the Valencia-based side this campaign and is entering the final year of his contract in the Spanish capital.
Mayoral is a youth product of Los Blancos but Sky Sport Italia transfer guru Gianluca Di Marzio, via Football Italia, claims the Italian club have now identified him as a summer target.
The striker has scored seven goals across 31 first team appearances in the Spanish capital but has spent three of the past four campaigns out on loan.
Mayoral bagged two goals in 21 appearances in a loan spell at Wolfsburg in 2016-17 before returning to Madrid the following campaign – where he scored seven goals including four in La Liga.
The Spaniard has now netted 13 goals in 67 appearances for Levante and looks set for a permanent move this summer.