The Saudi big spenders are in the market for a high-profile goalkeeper signing.
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Manchester City No1 Ederson is a target, while Voetbal24 says Courtois is also under consideration.
The Belgian's current deal carries a €700m buyout clause and runs to 2026.
Al-Ahli are prepared to test both Real and Courtois' resolve, however, despite the player's past declarations about wishing to retire in Madrid.