The January transfer window will come to a close next week, but there's still time for Real Madrid to sign new players.
As things stand, Madrid's best bet for silverware this season are the two cup competitions.
The Spanish outfit has virtually no hope of regaining it's La Liga title with a 15-point gap between them and leaders Barcelona.
Meanwhile, a tough Champions League tie awaits in the form of English Premier League leaders Manchester United.
However, on Wednesday, Madrid booked a place in the Copa Del Rey semifinals.
While the current squad may be enough to do well, new additions could provide a spark for the team.
Players like Luka Modric and Jose Callejon have not been at their best this season. Forwards Karim Benzema and Gonzalo Higuain have not scored as many goals as they have in previous campaigns.
This Real Madrid squad may not necessarily need replacements, but here are three players they could sign in January.
Inter full-back Yuto Nagatomo would be a good option to provide cover at both left and right-back for Real Madrid.
As reported by Goal.com the Japanese international was humbled by reported interest from the Spanish giants.
Nagatomo plays mainly at left-back, but is capable of filling in on the right if necessary.
He would help alleviate problems with depth at the back with Sergio Ramos and Michael Essien currently the best bets to replace Alvaro Arbeloa.
The Argentine attacker hasn't been as instrumental for Manchester City this season and that is partly down to personal problems.
The Express believes that moving to Madrid may be helpful to Aguero, considering his marital problems.
While a summer move may be a more likely option at this juncture, it is possible that Madrid could wrap up a deal in January.
Malaga star Isco has been linked (via talkSport) with a move to Real Madrid.
According to the article, the Spanish giants are looking to rival both Manchester clubs for the attacking midfielder's signature.
Isco has continued his great form from last season and has helped Malaga reach the knockout stages of the Champions League.