Don Balon says Florentino and super agent Jorge Mendes have met to thrash out a strategy to sign the England international.
Alli is seeking a new agent, which is fueling talk that he is preparing to leave Spurs in 2018.
Mendes is in the frame to add the youngster to his stable and has been assured by Florentino that there is a deal to be done if he can land Alli's signature.
Interestingly, Florentino and Real coaching staff already have plans drawn up where to field Alli.
Rather than as a box-to-box midfielder, Real management see Alli more as an attacker and would employ him just behind the centre-forward in a future team setup.