Real Madrid are planning to launch a £130m bid to sign Michael Olise from Bayern Munich if Florentino Perez is re-elected as the club president, according to The Guardian.
The election is scheduled this weekend as rival candidate Enrique Riquelme, who promised to sign Manchester City duo Erling Haaland and Rodri if elected, faces Perez in the first contested election in 20 years.
If they were to sign the Bayern forward, it would be a new record transfer for Real after previously paying £109m to sign Jude Bellingham from Borussia Dortmund in 2023.
In another development, Crystal Palace and Everton are among the clubs interested in Manchester United midfielder Manuel Ugarte.
The Sun reports that the 25-year-old is expected to leave Old Trafford this summer after a difficult spell following his move from Paris Saint-Germain.
Man United are believed to value the Uruguay international at around £25 million, with both Palace and Everton keen to strengthen their midfield.