Hamburg are chasing Real Madrid midfielder Martin Odegaard.
Real Madrid are looking to loan Odegaard out to another La Liga side, with Espanyol, Rayo Vallecano and Getafe seen as possibilities.
But Kicker says Hamburg are negotiating with the Spanish side for either a loan agreement or a permanent transfer.
HSV officials were in Madrid last week to discuss a possible deal, but that they face competition from a number of teams, including Bayern Munich.