Bleacher Report is taking a look at some of the latest transfer rumours and news involving Real Madrid.
Madrid will always be linked to some big moves, whether they need these players or not, and they've also been linked to some young talents.
Jose Mourinho may not make any moves in the winter unless something drastic happens. If his side is still eight points behind Barcelona in January then a big move may just happen.
Here is some of the latest winter transfer news concerning Real Madrid.
The Daily Mirror recently reported that Real Madrid may be interested in signing Ashley Cole this summer.
The Chelsea left-back would be reunited with one of his former bosses and would give the club more defensive options in the process.
When both Fabio Coentrao and Marcelo were injured Madrid had some real problems in defense, and even when they return Cole could still help the side.
Mourinho has used Coentrao in various positions during his time at the club, and the Portuguese international could revert to a role of utility player when the squad has injury worries.
In October, The Telegraph revealed that both Chelsea and Real Madrid were in the running to sign Radamel Falcao.
With both Gonzalo Higauin and Karim Benzema providing ample goals for Real Madrid, not to mention Cristiano Ronaldo, it would be a tough to see Falcao getting into the side easily despite his form.
According to the Daily Mail, Chelsea are the front-runners for the Colombian star and they have a clear need for his services.
Fernando Torres was okay early in the season, but his struggles in front of goal have continued since and is part of the reason for Chelsea's recent losses.
Madrid may not be too saddened by losing out on this talent, but they would certainly sign Falcao if given the chance.
Alen Halilovic has been linked(via the Daily Mail) to a number of big clubs in recent times, including Real Madrid.
Here's more from the Daily Mail article: "The Under 17 international is already being compared to Luka Modric and Real hope that Modric’s presence at the Bernabeu can sway a deal their way."
The presence of Modric may very well be a plus for Real Madrid in this deal, but there is no certainty. On the other hand, the fact that the club has rarely promoted a lot of its youth talent to the Madrid first team recently might be a negative for the Dinamo Zagreb starlet.
The 20-year-old attacker has attracted a lot of attention from England's top clubs with his displays this season, and it seems the Spanish giants have joined the list of admirers.
While moving to Madrid may have its allure, it certainly wouldn't be their first move for a young English star like Zaha.
The Spanish side has the finances to offer Crystal Palace a signifcant sum to compensate their loss, but it's hard to see them winning a battle against teams like Manchester United and Arsenal, who, according to Goal.com, are also interested.
El Shaarawy has the ability to play as a forward or as a left or right attacking midfielder. He has improved upon his form in the second half of the 2011/12 season and attracted Madrid in the process.
The young Italian has been the leading light for a poor AC Milan team and has 11 goals in 17 games for the club.