Los Blancos have been linked with a potential move to bring Spain's captain back to the capital across the last 12 months - following his previous spell at rivals Atletico Madrid - but their advances have been rejected by City.
Following his superb showing in Spain 2026 FIFA World Cup triumph - where he won the Golden Ball award - the interest is back with a vengeance, despite his latest injury setback.
City have confirmed he will miss the start of the 2026/27 season following back surgery, but there is no major concern over his recovery, ether in Manchester or Madrid.
Despite City's firm desire to keep him at the Etihad Stadium, with his contract now into its final 12 months, the path back to Spain looks clear as Real Madrid prepare a bid.
As per the latest from Diario AS, the Spanish giants have scheduled a meeting tomorrow to discuss how they will begin their transfer approach to City, with €45M bid imminent.