The 24-year-old Moroccan joined Roma for around €23.5 million but has started only five Serie A matches under Gian Piero Gasperini, making 29 appearances across all competitions. Reports from Morocco suggest El Aynaoui is weighing up a departure, with both Spanish giants intensifying their monitoring.
Barcelona view him as an ideal profile to add physical presence and tactical intelligence to their midfield. His combination of athleticism and technical ability has drawn comparisons with Declan Rice, and his performances for Morocco — where he is one of the national team's key figures with 15 caps and two goals — have kept his profile high despite the limited club minutes.
Real Madrid have been tracking him since his performances at the Africa Cup of Nations, with scouts following him closely and the club making initial informal contact with his entourage. Reports suggest El Aynaoui has welcomed that interest warmly, says Sport.
The valuation represents genuine appeal for both clubs. With Roma having paid €23.5 million less than a year ago and the player under contract until 2030, the Giallorossi hold a strong negotiating position. Real Madrid are understood to value him at around €20 million — a figure Roma would likely regard as well below what they would accept.
A product of the Nancy academy, El Aynaoui spent time at Lens before making the step up to Serie A. The step has not gone smoothly in terms of consistency, but the underlying quality that persuaded Roma to sign him has not gone unnoticed elsewhere.
The World Cup this summer could prove decisive. A strong tournament with Morocco would sharpen interest from both clubs significantly and almost certainly drive his price upward before any formal negotiations begin.