Real Madrid are reportedly not prepared to pay Borussia Dortmund's asking price for Jude Bellingham.
The Englishman has established himself as a key part of the Dortmund side since joining the club from Birmingham City in the summer of 2020.
Bellingham has made 128 competitive appearances for the German club, registering 20 goals and 25 assists.
Despite having two years left to run on his current contract, Bellingham is being linked with a move away from Signal Iduna Park this summer.
Liverpool recently pulled out of the race to sign the 19-year-old, but Manchester City and Real Madrid remain interested.
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Dortmund do not want to lose one of their prized assets on the cheap with the Bundesliga club looking to receive around €150m (£132m) for Bellingham.
According to AS, Real Madrid are not willing to pay Dortmund's asking price, and they have made it clear that they will not pay upwards of €100m (£88m).
The reigning European champions are hoping their positive relationship with Dortmund will help them secure Bellingham's signature.
The Spanish giants view Bellingham as a long-term successor to Luka Modric, who is in the twilight of his career.
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With his contract set to expire in the summer, Modric is expected to sign a new one-year extension, but he could leave the Santiago Bernabeu in 2024.
Real Madrid's reluctance to pay more than €100m (£88m) for Bellingham leaves them at risk of losing out to Man City, who may decide to make a vastly superior offer.
There is also a possibility that the England international could decide to remain with Dortmund for at least one more season.
Bellingham has been in fine form for Edin Terzic's side this season, scoring 10 goals and providing seven assists in 38 appearances across all competitions.
