Don Balon says Real want to sign Alli – and send Mateo Kovacic their way in return.
Alli is contracted until 2022 and Tottenham chief Daniel Levy has made it clear he is not for sale at ANY price.
Real president Florentino is determined to land who he feels is the next Galactico.
And he is reportedly hoping he can offload out-of-favour midfielder Kovacic as part of a sensational January swap deal.
England ace Alli, 21, is being promised a dream move to the Bernabeu after leaving long-term representatives Impact Sports Management.
Jorge Mendes and Mino Raiola are among those happy to take on the Spurs midfielder.