Real Madrid have rejected a £52.4m bid for attacker Alvaro Morata from Manchester United, according to Sky Sports Italy.
It is understood that Los Blancos are holding out for a £78m offer for the Spain international.
United goalkeeper David De Gea, a long-term target of Real's, was not included in the bid.
Morata, 24, scored 20 goals in all competitions for Zinedine Zidane's side last season.
If United are unable to negotiate a deal for Morata, it is understood they will then turn their attention towards Torino hitman Andrea Belotti.