Dean Huijsen's representatives are expected in Madrid on Thursday to finalise the details of the Bournemouth defender's move to Real, according to Sky Sports.
The Spanish giants' move for Huijsen is understood to be at an advanced stage and they are considered favourites to sign the 20-year-old. They are keen for him to play in this summer's Club World Cup.
Real made contact with Bournemouth on Wednesday and discussions are ongoing between the clubs. Personal terms are also being negotiated.
A number of Premier League clubs have asked to be kept informed of developments around Huijsen, who is believed to have a £50m release clause in his contract, including Chelsea, Arsenal and Liverpool.
Until now, no club had reached out to Bournemouth to let them know they are willing to pay the release clause, but Real have made the first move and are believed to be willing to pay it.
Dialogue will continue between the two parties but the fact that Madrid have made contact would suggest Huijsen has made up his mind about his move this summer.
The other clubs at the table, a number of which are willing to trigger the centre-back's release clause, will have to show how keen they are to sign him and that is where things could change.
It is thought that as many as five Premier League sides have held talks with his agents, as well as clubs from LaLiga and the Bundesliga, over a potential package to sign him this summer.
Huijsen's representatives have a very good relationship with Chelsea, who have other centre-back targets, including Crystal Palace captain - and Blues academy graduate - Marc Guehi, Everton's Jarrad Branthwaite and Ajax's Jorrel Hato.
Sky Sports News reported at the start of this month that Chelsea were seriously considering making an offer to Ajax for Hato.