Real Madrid hope to use Alvaro Negredo as bait to convince Liverpool to part with Xabi Alonso.
The Sun says Reds boss Rafa Benitez insists he does not want to sell Spaniard Alonso, 27.
Yet Real are considering re-signing Negredo from Almeria for a cut-price £4.4million - using a buy-back clause - then immediately selling him on to Merseyside.
Using the 19-goal striker, 23, as a makeweight will take the deal to around £25m in total.
Negredo admitted: "I've not spoken with Benitez but I know some contact exists between the clubs."