Erling Haaland's new deal with Manchester City will include a buyout clause.
Marca says the option will be in the range "of interest" for Real Madrid.
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Haaland is close to putting pen to paper on a contract which will make him the highest paid player in the Premier League.
The new agreement will see Haaland paid higher than teammate Kevin de Bruyne, who is on £425,000-a-week.
The Norway striker's current deal runs to 2027.