The France international has been a long-term target for Los Blancos. They attempted to sign him in a club-record €200 million deal last summer, but Les Parisiens were reluctant to do business.
Mbappe could now walk out from the club when his contract expires in June. Los Blancos have been favourites to sign him for a while and are now likely to push forward with a pre-contract deal.
If they succeed, the Spanish giants then plan to negotiate new long-term contracts with key players such as Eder Militao, Vinicius Junior, Marco Asensio and Luka Modric.
Meanwhile, Borussia Dortmund striker Erling Braut Haaland is another marquee player on Madrid’s radar, but the priority will be given to pursuing Mbappe over the Norway international.
The deal for Haaland could also be complicated with the widespread interest. Barcelona and Manchester City are also weighing up summer bids for the former Red Bull Salzburg star.
Los Blancos have been linked with Mbappe continuously since their failed summer approach, but this has not hampered the Frenchman, who has been in excellent form across all competitions.
He has bagged a stunning tally of 24 goals and 17 assists from just 34 games for Les Parisiens. This includes the dramatic late winner against Los Blancos in the first leg of the Champions League last 16.
There are no doubts over his current commitment to the French giants. He has not ruled out a new contract but may ideally want to leave the club on a high note with Champions League glory.
Los Blancos want to secure his services at the earliest opportunity but may wait until the conclusion of the round of 16 tie before holding formal negotiations with the player.
Mbappe openly said last summer that he would have only left for Madrid. It should be a straightforward decision for him if he pursues a new challenge next season.
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