The Spanish report claims that Los Blancos are expected to ask for €15m for the striker whilst retaining 50 percent of his rights.
Mayoral, 23, bagged eight goals in La Liga for Levante last campaign, along with providing two assists, and is entering the final year of his contract in the Spanish capital.
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 netted 13 goals in 67 appearances for Levante, who had been a cluster of clubs linked with a permanent move this summer.