Bayern Munich have no desire to sell Alphonso Davies.
The Canadian defender has been a target for the Galacticos since the last two transfer windows.
His contract with Bayern Munich expires in the summer of 2025 and the German club are keen to tie him down to a new contract.
The 23-year-old has established himself as one of the best full-backs of this generation since he arrived in Germany back in January 2019.
Madrid are considering paying Bayern’s asking price of €50 million but the Bavarians are reluctant to sell one of their most important players.
Bayern sporting director Christoph Freund is not considering selling the defender anytime soon.
He said: “I’ve already spoken to Phonzy’s agent. Real Madrid is not my topic. I’m speaking to him about our plans with Phonzy here at FC Bayern.
“Yes, of course – and preferably long-term. He’s a great guy who came to FC Bayern from Canada at an early age and had a great development here. He gives us something special with his dynamism and pace.”
Real Madrid also hold an interest in Chelsea captain Reece James who is considered a long-term successor to Dani Carvajal.