AC Milan vice-president Adriano Galliani aims to take advantage of his relationship with Real Madrid to boost their midfield.
Domenica Sportiva says Galliani, who is close to Real president Florentino Perez, is planning a double loan swoop on Real for Isco and Asier Illarramendi.
Illarramendi would arrive as a prime defensive midfield anchor for Milan coach Pippo Inzaghi, while Isco would join as cover for Keisuke Honda, who will be lost for over a month to Japan's Asian Cup campaign.
Both players would move to Milan on-loan to June with the guarantee of regular first team football.
While Isco has found room in coach Carlo Ancelotti's team in recent weeks, Illarramendi has struggled for minutes this term.
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