The search for a midfielder continues for Real Madrid, with two targets at opposite ends of the valuation spectrum. Ruben Neves and Enzo Fernadez are both targets for Los Blancos, and both could be Real Madrid players in the summer.
While looking for summer targets, the club are also looking to fight off interest for their young stars. Arsenal are eyeing up a defender from their Castilla side, with Mikel Arteta very interested.
Below are the latest transfer news and rumors surrounding Real Madrid from football publications and websites around the world.
Real Madrid Transfer News and Rumors
Ruben Neves
IMAGO / Diogo Sautchuk
Despite reports suggesting Real Madrid are not interested in Ruben Neves, further reports indicate the current coaching team believes a move would be beneficial. Neves is currently playing for the Saudi Pro League side Al-Hilal, and his contract runs out in the summer. A move in January would mean a small fee, but they could get the 28-year-old for free after the season. - Caden SER
Real Madrid have added another defender to their shortlist, but not a center-back. Sevilla star José Ángel Carmona is being watched by Los Blancos and plenty of other clubs. The right-back can also play on the right midfield, but Madrid sees him as a player who could challenge Trent Alexander-Arnold next season. The 23-year-old is said to be keen on a move after the current season. - Fichajes
Arsenal have not given up on signing Real Madrid talent Victor Valdepenas, and are said to be ready with a bid for a summer move. The Gunners continue to add young talent to their squad, and the Spaniard is highly rated by Mikel Arteta. However, Los Blancos would ideally not want to sell, but a big fee may be hard to turn down. - Fabrizio Romano
🚨🔴⚪️ Arsenal keep monitoring Real Madrid talent Víctor Valdepeñas, as revealed back in October.
He’s one of the names on #AFC shortlist as potential investment for next months, but his future remains in Real Madrid hands. pic.twitter.com/vU5NIjPZ84
— Fabrizio Romano (@FabrizioRomano) January 20, 2026
Enzo Fernández looks to be a top target for Real Madrid in their search for a central midfielder. Los Blancos want to sign an experienced midfielder, and have several names on their list, but the Chelsea man's name continues to be linked with a move to the Spanish capital. Real Madrid would need to bid around $140 million (€120 million) to land the Argentinian. - Fichajes
Another player who would cost well over $120 million (€100 million) is Bayern Munich's Michael Olise. Real Madrid have put the French winger on their wanted list, but any deal in the near future would be difficult. The former Crystal Palace player only moved to Germany in the summer of 2024, but the club sees him as the next Galactico signing. - Fichajes
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