The Daily Star says Real last night upped the stakes in their £45m bid to land Aguero from Manchester City.
Barcelona have also entered the race to sign the Argentina striker.
That has spooked Real – who have decided to offer City their choice of either Karim Benzema or Gonzalo Higuain as a sweetener.
Will City be tempted by Real's swap offer? Is Aguero better than Benzema or Higuain? Give us your shout below...