Liverpool could make a January move to bring Xabi Alonso back to Anfield for just £4m, according to reports from Record.
Real Madrid is believed to be ready to sell the Spaniard in a cut-price deal with his current contract set to expire at the end of the season.
The 31-year-old has been a key man at the Bernabeu since his arrival in 2009, but now faces a tough battle to be a regular starter.
Real chief Carlo Ancelotti invested heavily over the summer to bring in midfielders Isco and Asier Illarramendi as he looks to build for the future at the club.
Alonso’s age could cause him to slip away from the first-team, which has seen him liked with an exit this winter.
Liverpool was linked with a move for the playmaker’s signature over the summer, but Real elected to keep him in the Spanish capital.
Alonso enjoyed five excellent years on Merseyside and was a part of their 2005 Champions League success.
He has always maintained affection for the club, which may tempt Brendan Rodgers to make a move for his signature.
But, the man who took him to Liverpool, Rafael Benitez, is also keen, while Italian champions Juventus could opt to make a move.