According to Record (h/t EFE, for Marca), Real are looking to move Theo Hernandez, thereby creating an opening at the full-back position which Telles could fill. Le Parisien (h/t TalkSport's Sean O'Brien) previously named the Brazilian as one of PSG's top summer transfer targets.
Telles previously spent time with Galatasaray and Inter Milan, and he was Porto's regular starter at left-back last season. He had a wonderful year, contributing no less than 13 assists in 30 league appearances in Portugal, per WhoScored.com.
Compatriot Marcelo is Real's current starter, and the Brazil international is widely regarded as the best attacking full-back in the world. Stylistically, Telles is quite similar, so he could be a perfect backup and understudy.
His attacking output is clearly his best attribute:
However, Real aren't the only club linked with the Brazilian, with previous reports saying Italian giants Juventus have also approached the Dragons:
Los Blancos have been fairly quiet so far this summer, but with Cristiano Ronaldo now in Turin, they have plenty of money to throw around. Finding a replacement for the Portuguese should be the priority, but if Hernandez is sold, they'll have to bring in a new full-back as well. Real could do far worse than Telles, who is ready for the step up to a bigger league.