The Serbia striker has emerged as a summer target for Milan, though Real's asking price is expected to be out of their range.
Mundo Deportivo says Real would be willing to sell Jovic this summer - though are insisting on a buy-back clause. The Spanish giants also want €60m for the youngster.
Such a fee is too steep for Milan, though they're willing to use Real's interest in Gigio Donnarumma to discuss a part-exchange.
The Italy goalkeeper has long been a target for Real president Florentino Perez.