Juventus are also said to be in the running for a potential move for the Spaniard.
For their part, Madrid do not appear to have made a decision on which exit would be best – the financial ramifications of the Covid-19 pandemic mean that a straight-up offer appears more attractive to them than any loan exit.
However, they could include a buyback clause in the deal or potentially to hold on to a package of the player’s rights.
Madrid, at the behest of boss Zinedine Zidane, have already made the decision that Reguilon will not return this summer due to the level of performance from Ferland Mendy this campaign alongside the continuation of Marcelo in the Spanish capital.
Furthermore, the club have promising full-back Miguel Gutierrez emerging in the position and believe he can be incorporated into the first-team squad over the coming seasons.
Reguilon himself has admitted he does not know which club he will play for next season but the fact he has been called up to the Spain national squad is a further indicator of how highly he is regarded by those other than Zidane.
It is now claimed that the club will seek to cash-in on the player this summer in a similar way to that of Achraf Hakimi, who has joined Inter, with Paris Saint-Germain also among the sides interested.
Reguilon started 21 matches for Los Blancos in the 2018/19 season and was tipped for a bright future at the club but the arrival of Mendy last year means Madrid decided to move him on.
The left-back enjoyed prominence under Julen Lopetegui and Santiago Solari at Madrid but fell out of favour following Zidane’s arrival.
The Spaniard subsequently has spent the season on loan at Sevilla, where he has made 37 appearances across all competitions and whom he starred in their Europa League success this campaign.
Reguilon recently made Kia Joorabchian his new agent to fuel speculation of a summer transfer move.