The end of the season and the summer opening of the transfer window always gives rise to a large number of rumours circulating the big clubs, and Real Madrid get more players than most written alongside their name in the gossip columns.
With Jose Mourinho likely to be replaced as manager this summer, Real will, as usual, be busy with both ins and outs while the window is open, with plenty of the biggest names in world football linked with moves to the Santiago Bernabeu.
All the latest transfer news concerning the club can be found right here, regularly updated for you with new rumours over the next week.
For further regular updates, please click through to this article!
The first transfer is an outgoing one, with Real's Portuguese central defender Pepe said to be a target for Manchester City in the Premier League.
Marca are reporting that Pepe is the first-choice signing of supposed incoming City boss Manuel Pellegrini, who the article also indicates has been undertaking preliminary work for the club for the past two weeks. Pepe worked under Pellegrini when the coach was in charge of Real Madrid.
There are two potential barriers to the transfer. First, Real are expected to ask for a whopping €25 million to sell their 30-year-old defender, with him having three years remaining on his contract and despite not always being a first pick this season.
The second issue is that his future will be decided by any incoming manager, with Jose Mourinho expected to be departing over the summer.
With Pepe's apparent impending departure, there will be a defensive hole in the Real squad—and David Luiz is apparently the man to fill it.
One rather large stumbling block might be Jose Mourinho. The manager seems to be heading out of Real and into Chelsea and is not likely to make the transfer a particularly easy one for his soon-to-be former employers.
Gonzalo Higuain has been the first-choice forward for most of the season for Real Madrid, battling it out with Karim Benzema for the central striker's role.
Mirror Football are reporting, though, that the Argentine's time in Spain could be over, with Italian Serie A champions Juventus casting admiring glances his way. Higuain has scored 14 league goals so far this season for his club despite the fact that he has only started 17 of his 26 league appearances.
Juve are also said to be considering Carlos Tevez as an alternative to Higuain, as he has less time remaining on his contract and therefore could be an easier transfer to seal.
If Higuain to Juventus does not look like it will materialize, Real Madrid may well look to offer Juve a part-swap deal, with Stephan Lichtsteiner the object of Real's attentions.
The right-sided wing-back has been in imperious form for his club over the past year, and As are reporting that with Real wanting €25 million for Higuain, including Lichtsteiner in the deal, it could significantly lower the monetary amounts which change hands. Lichtsteiner, a Swiss international, is said to be a favoured option of Carlo Ancelotti, who is expected to be the new head coach at the Bernabeu.
Lichtsteiner is 29 years old and would be in competition with the likes of Alvaro Arbeloa in the squad, with Michael Essien's loan spell coming to an end.