Real Madrid president Florentino Perez failed with a bid for Manchester City striker Sergio Aguero last summer.
Aguero has just signed a new deal in the last 24 hours, which will keep him at City until 2021.
The Times says Florentino firmed up his long-term interest in Aguero last summer, making an attempt for the Argentina international before signing Mariano Diaz from Lyon.
However, City refused to do business with Florentino, with Aguero showing little enthusiasm about the move.
The striker's new deal, should he fulfill it, will mark ten years with City.