Manchester City are making a £40 million offer for Real Madrid pair Gonzalo Higuain and Fernando Gago.
Marca says City are making the double bid on request of manager Roberto Mancini.
City boss Mancini has had scouts check on striker Higuain in action for Real and Argentina in recent weeks, while he saw a January deal for midfielder Gago collapse at the final hurdle.
The Argentine pair arrived at Madrid in January 2006 for a combined fee of £27 million.