On-loan this season with Valencia, Guedes has been a revelation for Los Che and is attracting interest from across Europe.
AS says Guedes is now being actively discussed at Real, where president Florentino Perez is planning a significant overhaul of his flagging squad.
Indeed, a bid this month hasn't been ruled out by Perez.
The stumbling block, however, is PSG. With a Champions League clash against Real looming it is unlikely they'd sell Guedes just for him to play against them when the window shuts.