Gago is desperate to leave Real this summer.
"He wants to come back, and there is a chance. If we don't at least ask Real Madrid about him, we would be fools. We must at least do that," he told Fox Sports.
"He could come here on a reduced salary. In fact he was on the point of coming earlier but the former president [Jorge Amor Ameal] said that he wanted him on a free transfer and the Spaniards went crazy.
"Who doesn't want Gago back at Boca? It would be a great solution."