Marca says the pair could be in discussions to renew their current deals with Paris Saint-Germain and Rennes, but they are waiting before deciding their future.
Even so, they might have to wait beyond the coming transfer window to make a move to the Spanish giants.
Mbappe has been a long-term target for Real and Zinedine Zidane sees him as a potentially crucial player for the future.
The forward, who moved to PSG for €170million (£152m) in 2017, has hit 90 goals in 119 games in the French capital.
Camavinga, meanwhile, has impressed in his 25 league matches for Rennes this campaign. Real will be hoping to snap up a future talent if they do move for one of the most highly-regarded prospects in the French game.