Los Blancos are preparing for significant changes at the back, with Ferland Mendy expected to leave and Dani Carvajal retiring. As a result, Madrid has identified the 26-year-old Italian international as a key target to bolster their defensive depth on both flanks.
However, Madrid face stiff competition from Premier League giants Manchester City and Liverpool. The Bianconeri have placed a release clause of €60m to €70m on Cambiaso, making a deal complex but potentially lucrative for the Spanish club if they act quickly.