Real are reportedly weighing up a move for the French international if Ronaldo forces his way out of the Bernabeu.
Real Madrid have reportedly identified Ousmane Dembele as a replacement for Cristiano Ronaldo.
The Portuguese superstar is said to want out of the club after being accused of tax evasion.
A return to Manchester United has been mooted for Ronaldo, who would likely command a world-record fee.
According to Spanish publication Diario Gol, Real are sounding out replacements for the 32-year-old should he leave the club.
And heading their list is Borussia Dortmund starlet Dembele.
The 21-year-old has been heavily linked with Barcelona in recent times after a fine season with Dortmund.
But Real are reportedly ready to challenge their La Liga rivals in the race for his signature.
It is suggested Dembele was not keen on Real due to fear over a lack of playing time but Ronaldo's departure would change that.
He has previously reiterated his commitment to Dortmund but he is likely to be swayed by the Spanish giants.
Manchester United have also been tipped to make a move this summer.
The youngster scored a second-half winner as France fought back to beat England last week.