Pre-season friendlies are now well underway, and clubs are rushing around trying to get their squads completed as soon as possible.
Real Madrid have already done some early business. However, they too will still be keen to tie up some loose ends before the Spanish season begins at the end of August.
Toni Kroos and James Rodriguez are the two who have signed on the dotted line so far, but Los Blancos still have scope to sign at least one more player.
It is likely there will be sales, too.
The following slides aim to keep you updated with the news and the rumours surrounding Madrid in the transfer market.
In: Toni Kroos (Bayern Munich) and James Rodriguez (Monaco)
Out: Alvaro Morata (Juventus) and Casemiro (Porto)
Last update: Saturday, August 2.