A regular with Real's Cadete A team, Bugarin is a Spain youth international.
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However, Marca says Brazil are now making a move for the youngster.
Bugarin arrived at Real in 2021 from Celta Vigo after being one of the stars of several junior tournaments, including LaLiga Promises.
His Brazilian origin, as local journalist Sergio Rodríguez reports, has led to the CBF making their move.
This season, Bugarin has played fourteen games and scored eight goals for the Real Madrid U18 A team.