Santos have confirmed Real have made a formal approach to open negotiations for the Brazilian winger.
Neymar's buyout clause is €45 million and Santos insist they won't accept a penny less for their star turn.
El Mundo Deportivo says Real hope to drive down the cash component by sensationally offering Kaka as part of their bid. Real chiefs have informed Kaka of their proposal - and the player is open to returning home in order to be in prime form for the 2014 World Cup.
The stumbling block is Kaka's astronomical €15 million salary - which the midfielder is reluctant to see wound back.