Real Madrid have been watching the saga around Neymar's potential FC Barcelona return from the sidelines so far, but the latest reports suggest that Los Blancos have now offered Paris Saint-Germain a mega-deal that includes one of their highest-paid players going the other way.
Click through the mini-gallery above to see Real's five signings this window so far.
The Spanish giants have already spent more than €300 million (R4.7 billion) in this window, but with Neymar on the market, president Florentino Perez seems tempted to beat bitter rivals Barcelona to his signature.
Reports from the Independent and Mundo Deportivo state that Real have submitted an offer worth €90 million (R1.4 billion) plus Gareth Bale in exchange for Neymar. It has been claimed the offer was submitted two weeks ago via Neymar's agent Pini Zahavi, and the potential transfer is gathering momentum.
According to the Independent, PSG could see Bale as short-term replacement for Neymar, who is understood to be desperate to leave the French giants in this window.
The Brazilian's first option, though, is a return to FC Barcelona. However, that deal seems to be a tricky one for the Spanish giants, with the having already signed Antoine Griezmann and Frenkie de Jong for close to €200 million (R3.1 billion) in this window.
Meanwhile, it would be a win-win for Real, who would finally get unwanted Bale off their wage bill, and beat Barca to one of the world's most marketable players.
The Welshman, though, does not want to leave Madrid, but many expect Zinedine Zidane's recent stern words to force a change of heart.
It remains to be seen how PSG will respond to the offer after previously labelling a player-plus-cash offer from Barcelona as "ridiculous", according to L'Equipe.
Do you think Real could beat Barca to Neymar's signature? Have your say in the comments section below.