The Spanish giants are currently eight points behind rivals Barcelona, finding themselves fourth in La Liga and in dire need of investment.
According to Don Balon, Real Madrid boss Zinedine Zidane is likely to be allocated significant funds to reinforce his squad having endured a quiet summer transfer window.
Theo Hernandez was the highest profile arrival, signing from Atletico Madrid for £27million, but the 20-year-old is yet to nail down a spot in the first-team.
Club president Florentino Perez has reportedly identified Paulo Dybala as a key target with Karim Benzema struggling in front of goal, while Eden Hazard has also been on Los Blancos’ radar for some time.
Meanwhile, Diego Simeone has suggested Antoine Griezmann will be allowed to leave Atletico – but will he pitch up at the Bernabeu?
With so many transfer rumours circulating, Football Whispers have rated the most likely Real Madrid deals in the January window (1 – unlikely, 5 – highly likely).
Take a look through the gallery above to see who Real Madrid are likely to sign in the January transfer window.