Real Madrid will blank Chelsea and offer Gonzalo Higuain to Manchester City this summer.
The Mirror says Real want to do a player-plus-cash deal involving Higuain with City for Sergio Aguero.
City do not want to sell Aguero, while Chelsea are also keen on Higuain as they look to bring in a top-class striker this summer.
Higuain is ready to leave Madrid after falling down the pecking order and Chelsea, Juventus, Inter Milan and Paris Saint-Germain are also interested.