Real Madrid were reportedly keen on signing RB Leipzig attacker Dani Olmo during the recent transfer window.
The 22-year-old, who only joined Leipzig from Dinamo Zagreb in January, has scored five times and registered five assists in 26 appearances for his current side in all competitions.
According to Bild, Madrid approached the Red Bulls over the summer and made it clear that they were prepared to pay €40m (£36m) for the Spain international.
However, the German side rejected the interest, having allegedly beaten a number of clubs to the attacker's signature earlier this year.
Olmo has been in impressive form for Leipzig during the 2020-21 campaign, contributing four goals in seven Bundesliga appearances, while he has also featured on three occasions in the Champions League.
The versatile attacker is currently with the Spain squad preparing for Saturday's clash with Switzerland.