Chelsea defender Ricardo Carvalho is in the sights of Real Madrid.
Real are in the market for a new centre-half following the season-ending injury suffered by Pepe.
AS says Real attempted a swap deal in the summer for Carvalho, offering Ruud van Nistelrooy in exchange, but Chelsea were reluctant to do business.
Real president Florentino Perez is now ready to try again with a straight cash offer after losing Pepe for six months.