Real Madrid Transfer DealSheet: Rodrygo for sale, centre-back and midfield targets – The Athletic
Real Madrid tend not to do much transfer business in the middle of the season, but they have already identified positions they would like to strengthen.
Some of these priorities were set back in the summer, when manager Xabi Alonso would have liked more than the four major signings that were brought in for about €180million (£158.2m; $209.2m).
However, as was the case back in July and August, Madrid will likely want to make some sales before bringing new faces in, as the squad is almost full. That means there will be developments on the departures front too — and decisions made on the senior players whose contracts expire at the end of the season.
Here, The Athletic’s Real Madrid correspondent Mario Cortegana explains what to know about the window coming up — and what to look out for beyond it, next summer.
The information in this article has been gathered according to The Athletic’s sourcing guidelines. Sources with knowledge of transfer dealings, who asked to be kept anonymous to protect relationships, have been spoken to before offering the clubs involved the opportunity to comment.
Who will make key decisions over the two windows?
Florentino Perez always has the final say, but there is a process that involves other key figures at the club before the president makes a decision.
It all starts with chief scout Juni Calafat, who is responsible for identifying profiles and compiling details on them with the help of his network of scouts. Calafat keeps chief executive Jose Angel Sanchez informed, and he is responsible for conducting negotiations.
Since his arrival last May to replace Carlo Ancelotti, head coach Xabi Alonso has had a bigger voice than his predecessor when it comes to signings. This does not mean that Madrid have accepted all of Alonso’s requests, but they did listen to him when he pushed for the arrivals of Dean Huijsen and Alvaro Carreras in the summer.
By contrast, director of football Santiago Solari is less involved in day-to-day operations and decision-making.
What positions will they be looking at in 2026?
Madrid are combing the market in search of centre-backs and midfielders.
Antonio Rudiger, 32, and David Alaba, 33, are out of contract in June, with the former’s future still undecided and the latter expected to bid farewell to the Bernabeu.
Alaba has made four appearances for Madrid this term (Alberto Gardin/NurPhoto via Getty Images)
With Huijsen, Eder Militao and academy product Raul Asencio the only fixed options, the club is considering different possibilities to reinforce the back line.
As for the midfield, there is a growing consensus on the need to sign a player capable of dictating the tempo of the game, something Madrid have been lacking since the departures of Toni Kroos in 2024 and Luka Modric in the summer.
Are Madrid looking at any players already?
There have been reports about many players.
In terms of the defence, Real Madrid told Liverpool they would not be pursuing Ibrahima Konate, as reported in The Athletic’s Transfer Radar. Crystal Palace’s Marc Guehi is not a priority at this point. There have also been rumours about Bayern Munich’s Dayot Upamecano. All of them are out of contract in June, a circumstance that always appeals to Madrid.
The option of promoting one of the defenders from Real Madrid Castilla, the reserve team, is not a likely one, but the route is always there in case of emergency. Joan Martinez, 18, is the most prominent name, with other promising prospects including 18-year-old Diego Aguado, who also plays as a full-back, and 19-year-old Victor Valdepenas.
Madrid also have buy-back options for several former academy players. Their progress is always monitored after they are sold.
Examples include Como’s Jacobo Ramon (although Madrid tend to wait at least two seasons before bringing back players who left to develop, and the 20-year-old left in the summer) or 23-year-old Rafa Marin, who is on loan at Villarreal from Napoli. Villarreal have an option to buy him within that loan deal, while Madrid still have a buyback clause of around €25million.
As for midfielders, several players were already discussed last summer, when a successful sale of Dani Ceballos might have opened the door to a new arrival. That did not happen, but among the names mentioned were AZ’s Kees Smit and Crystal Palace’s Adam Wharton.
We should also keep a close eye on Nico Paz. After leaving the club in 2024 and developing his potential during a season and a half at Como in Serie A, there is a strong possibility that he will return in 2026. Madrid, who already considered bringing him back in June, when Alonso did not give the final go-ahead, can activate an exclusive buy-back clause this coming June for around €9million.
Who will they be looking to sell?
Offers will be considered for Rodrygo. The Brazilian lost his untransferable status last summer, although his desire to stay meant that none of the interest from Premier League suitors materialised into anything more. The Brazilian is now 30 games without a goal — a run that equals the worst record for an attacker at Madrid, matching Mariano Diaz.
Other names to pay attention to are those of Ceballos and Fran Garcia.
Ceballos explored a departure in the summer windows of 2024 and 2025, but there were no offers that satisfied both Madrid’s demands and his salary of around €4.5million after tax. His contract expires in 2027, so Madrid might be tempted to lower their asking price.
Despite his great performance in the Club World Cup, left-back Garcia seems to have been relegated to third choice in the position behind Carreras and Ferland Mendy. This lack of playing time could see him rethink his future.
And we can also imagine some movement in the centre-forward position.
There were talks in the summer about how difficult it could be for at least one of Endrick and Gonzalo Garcia to get opportunities, with Kylian Mbappe as the main star up front. The Frenchman has scored 23 of Madrid’s 41 goals in all competitions so far this season.
As early as mid-November, Endrick’s loan move to Lyon was set up. It is expected to be sealed in December.
Gonzalo Garcia has only played 135 minutes in 11 appearances and, while he is expected to stay for the remainder of the season, a host of clubs are asking about his availability in January and from next summer.
Which players’ contracts are expiring? Who will they renew?
Captain Dani Carvajal, Rudiger and Alaba are all coming to the end of their contracts.
Madrid were already keen to facilitate Alaba’s departure last summer, but the defender wanted to stay. The other two cases are up in the air.
The Athletic reported in October that no final decision had been made regarding Rudiger. Despite rumours that suggested otherwise, the club was not open to giving him a two-year extension before the summer, nor had his departure been decided at the start of this season.
Rudiger’s contract expires in June (Pablo Rodriguez/Quality Sport Images/Getty Images)
The player’s priority is to continue, and Madrid are seriously considering this possibility, waiting to evaluate his performance in the coming months.
The German 32-year-old’s situation is similar to that of 33-year-old Carvajal, who renewed until 2026 a year ago when he tore his cruciate ligament, as his contract was due to expire in 2025. Now in his 12th season at the club, his relationship with the board could hardly be better.
What is their salary limit position? What sort of budget do they have?
Real Madrid will not face many obstacles in terms of La Liga’s salary limit, which is calculated individually according to each club’s finances. Madrid’s is the league’s highest at €761.2million. Barcelona’s is the second-highest, at €351.2m.
There is no budget allocated for signings yet, but Madrid always try to control their spending. In this sense, departures will help both to reduce the salary burden and to generate some extra income, if necessary.
What will be the manager’s priority?
Alonso considered two more signings necessary in the summer, one to cover the sale of Rodrygo, which did not happen. The lack of sales was an insurmountable obstacle, as there was no post free in the squad to strengthen further.
The need for a midfielder with the ability to build play or the arrival of a new centre-back has been discussed internally.
