Real Madrid have made an opening offer of £137million for Paris Saint-Germain forward Kylian Mbappe.
However, this is likely to be rejected by the French club.
The opening offer could shake the transfer market to its foundations if accepted.
It may open the way for the French club to move for Cristiano Ronaldo.
Real Madrid have pursued Mbappe since he moved to PSG from Monaco in 2017.
His contract runs out next summer and he has so far rejected three bids by the club to extend his deal beyond 2022.
Real Madrid offer set to be rejected
PSG, who have yet to field Mbappe alongside Neymar and Lionel Messi, are set to reject the opening bid.
But they have been offered Ronaldo as a replacement.
They have also been urged by Neymar to consider the Everton striker Richarlison, as Mbappe’s replacement.
Questions will be asked as to how Real Madrid can afford Mbappe.
This happens after €300m (£257m) was wiped off the club’s revenue by the coronavirus pandemic.
The squad accepted a 15 per cent wage cut last season.
Several players this season have already negotiated new contracts that will enable the club to pay them over a longer period of time.
Madrid made no signings last summer and have so far signed only David Alaba on a free transfer from Bayern Munich.
Meanwhile they have sold Martin Odegaard to Arsenal and Raphael Varane to Manchester United.