The 28-year-old - who scored against Los Blancos in the 2018 Champions League final - is understood to have been on the radar of Real for quite some time.
According to France Football, it is Real Madrid or nothing for the Senegalese international, who is tied down at Anfield until 2023.
The same outlet claims that Mane has been left with a "bitter taste" by Jurgen Klopp publicly backing team-mate Virgil Van Dijk for the 2019 Ballon d'Or award, a prize he hoped to win and follow in fellow African George Weah's footsteps.
It has been said that he could cost any potential suitor a whopping €150million, though they state the Reds have no intention of selling Mane.
They also claim that Paris Saint-Germain are interested in the forward as a possible replacement for Kylian Mbappe or Neymar, but it has been claimed that Mane will not move to another side unless it is to play for Real.
Spanish news outlet Mundo Deportivo report that any switch to the Bernabeu could be in doubt due to the Covid-19 crisis.
They state that as a result of the global coronavirus pandemic, clubs have been put in a difficult situation as they do not have the financial power they did have prior to the postponement of the campaign.
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