Belotti had been a big money target for Florentino 12 months ago, though Toro president Urbano Cairo refused to do business at the time.
Don Balon says a year on, Torino representatives made contact with Florentino to offer Belotti at a knockdown price of €35m.
But after the season Belotti had just experienced, the Real president rejected the prospect. He did speak with Julen Lopetegui about the Italy international, but the coach had a differing opinion, believing the centre-forward could adapt to his system.
But Florentino ultimately had the final say and instead, with the agreement of Lopetegui, chose to buy back Mariano Diaz from Lyon.