Real Madrid have opened negotiations to sign Malaga attacking midfielder Isco, according to reports. Spanish publication AS has revealed that a meeting has been held at the Bernabeu with officials of the two La Liga clubs, as well as Isco’s lawyer and his father. The highly rated 21-year-old has had a fine season and particularly excelled in Malaga’s run to the brink of the Champions League semifinals.

He only recently extended his contract when a buyout clause of €35 million was inserted into his deal and Malaga are insistent that the figure be met if he is to depart the club. Madrid, however, are unwilling to meet the clause and are instead looking to include players in a part-exchange deal. Before the meeting took place, Malaga executive Francisco Martin Aguilar confirmed the club’s position.

"It fills us with pride that a lad that has come through at Malaga to become the player he has,” he said, according to Marca. “If he goes it will be to a big club and it will be to the benefit of the coffers at the club. [Madrid] are interested in him, but nothing is official yet.”

With Madrid recently revealing that Gonzalo Higuain will leave the Bernabeu this summer, Los Merengues are also on the lookout for a new striker. And they could well reignite their interest in Manchester City ‘s Sergio Aguero. The Argentinian has never hidden his fondness for Madrid and has previously suggested that he would have joined the club if he had the option when he left rivals Atletico Madrid in 2011.

And the Times has reported that Madrid will make a move for the 24-year-old this summer. Yet, City are unlikely to prove willing beneficiaries with chief executive Ferran Soriano dismissing any possibility of Aguero leaving. “The first thing I want to make is that we have no plans to sell Kun, he will be happy with us next season,” he told ESPN.

Another forward option for Madrid is in-demand Borussia Dortmund striker Robert Lewandowski, according to Marca. The Poland international scored a sensational four goals against Madrid in the first leg of their Champions League semifinal last month. Strong competition for his signature looks set to come from Bayern Munich and Manchester United.

Madrid are also refusing to rule out an ambitious attempt to lure Tottenham star Gareth Bale. There have long been reports of Madrid’s interest in the Wales international, who has been in stunning form this season. Marca reports that Los Blancos have already begun working on a transfer for Bale.

While Tottenham’s missing out on the Champions League increases the likelihood of a deal this summer, the signs are that Bale is happy to stay at White Hart Lane for at least another season. Indeed, Bale is understood to have verbally agreed to a new and improved contract to remain in north London, according to the Guardian. Without Bale’s willingness to force through a move, any transfer is likely to be at best arduous given Tottenham chairman Daniel Levy’s tough negotiating style.