Real Madrid failed with an offer for Manchester City fullback Joao Cancelo last month.
Cancelo left City on deadline day for Bayern Munich, joining on-loan to the end of the season with a 70m permanent option included.
Mundo Deportivo writes says Real Madrid made City an offer of just over 30m plus another 30m in bonuses, but City turned it down.
The Premier League club instead loaned Cancelo to Bayern.
Cancelo, 28, pushed to leave City after an argument with manager Pep Guardiola, though he denied the reports last week.
