Florentino Perez wants to recall Bayern playmaker James Rodriguez.
Spanish website Don Balon says the Colombian is wanted back at his parent club by president Perez.
James Rodriguez was allowed to leave the Bernabeu after struggling for minutes under Zinedine Zidane last term.
The Colombia international spent much of the season stuck on the bench as Real scooped the La Liga and Champions League titles.
Real are missing Rodriguez, however, with Los Blancos already eight points behind Barcelona at the summit.
And Don Balon say Perez is open to recalling the player should Zinedine Zidane leave.
Talk is already rife the Frenchman could leave the Bernabeu if the France job becomes available.
Didier Deschamps has recently signed a contract extension ahead of the 2018 World Cup in Russia.