Real Madrid's efforts to sign Neymar, may depend on a transfer demand made by Paris Saint-Germain, as part of any deal for the Brazilian, Marca reports.
The 27-year-old is widely expected to leave France in the summer after two years at Parc des Princes, following his world-record transfer from Barcelona in 2017.
A return to Barca has been mooted, as well as a move to their LaLiga rivals Real.
PSG, who paid €220m to secure Neymar's signature, are said to be unwilling to consider letting the Brazilian go for less than what they paid for him two summers ago.
However, the French champions have offered Real a chance to sign the forward for less than that, as long as they add midfielder Casemiro in the offer.
It remains to be seen whether that is something the Spanish heavyweights would consider, with Casemiro a key figure under boss Zinedine Zidane.