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Published 09:42 14 Oct 2015 BST
Updated 12:28 14 Oct 2015 BST
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Arsenal are thought to have already turned down an initial approach from Rafa Benitez's club, but La Liga's top scorers could return with a higher offer in January.
With rivals Barcelona poised to welcome in new signing Arda Turan at the turn of the year, Madrid may be similarly keen to add to their attacking options.
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