Cairo said Perez seemed interested in the 23-year-old forward as soon as he heard about the hefty valuation, per La Gazzetta dello Sport (via Football Italia):
"Belotti's an exceptional guy and loved by everyone.
"He's kept his feet on the ground and he's humble, even he has a €100 million release clause on his shoulders.
"He needs to stay calm, he said he didn't think about it at the time of his renewal. He scored 13 goals either side of last season, with and without a clause.
"I went to dinner with Florentino Perez and talked to him about the renewal of players with huge clauses.
"I mentioned Belotti and he didn't know him, but I talked about shielding him with a €100 million release clause. Aware of his clause, his ears perked up. If it had been for €20 million, they wouldn't have."
Torino tied Belotti to a new contract last December that included the release clause and extended to 2021, per the Associated Press (via MailOnline). It was reported that the release clause only applies to clubs outside the Serie A.
Despite the new deal, though, it was widely rumoured the Italy international might be tempted away from the club over the summer after netting 26 times in Serie A last term, per WhoScored.com.
Belotti has not started the new season in quite the kind of form he showed in 2016-17, and he has netted just three times in nine league matches this term for Torino, per WhoScored.
Cairo recently revealed there have also been no further approaches for Belotti of late, per Mediaset's Tika Taka programme (via ESPN.co.uk Ben Gladwell).
However, he remains one of the most talented young forwards in Europe, and it would be a huge surprise were Perez and Real not keeping an eye on his progress.
Karim Benzema continues to be sporadically linked with a move away from the Santiago Bernabeu, although his agent recently denied rumours of a move away from the club, per Sky Sports (via Metro's Sean Kearns).
And Cristiano Ronaldo is 33 in February and has started the 2017-18 La Liga campaign in poor form, netting just one goal in seven matches.
Belotti could yet be the long-term replacement for the likes of Benzema and Ronaldo as Real's key goalscorer.