Real Madrid face Man Utd competition for Canales
While president Florentino Perez is ready to spend heavily again in 2010, with a new striker a top priority, Real are also keen to boost their young player stocks.
Canales, 18, is on Real's shopping list, but the youngster is also being followed by United.
Real may seek to secure a deal with Racing in January to ward off rivals. Any agreement would see Canales sign for Real and then be immediately loaned back to Racing for the remainder of the season.