Favilli spent last season on-loan at Juventus, beginning the transfer with the primavera team, but ending the campaign by debuting for the seniors.
Vincenzo Rispoli revealed to TMW: "Certainly, there is interest but now the boy thinks of training with Livorno. Obviously the rumors linked to Real Madrid are nice, even Spanish journalists close to the events of the Merengues are calling me, and we are happy.
"But we will make a decision calmly in the coming weeks."
He added: "There is something, but still nothing definite. Also because the guy is liked by Juventus and the two Milan teams, so we will evaluate how to move during these weeks."