The Croatian forward has been identified as a profile that fits the club's desire to rejuvenate their frontline ahead of a Champions League campaign.
According to El Desmarque, Matanovic is on Betis' radar as the Seville club look for a different type of striker to complement their existing options. The 23-year-old scored 15 goals in 50 official appearances for Freiburg across all competitions last season and carries a market value in excess of €20m.
Betis' European football next season is seen as a significant advantage in any negotiation. The prospect of Champions League football would be a major pull for a player at this stage of his career.
The need for a centre-forward at the Benito Villamarín is pressing. Nelson Deossa is in negotiations to leave, Cédric Bakambu's contract expires on June 30, and Chimy Ávila is also expected to depart, which would leave Cucho Hernández as the only recognised striker in the squad. Pablo García could also exit.
Matanovic is currently with Croatia at the World Cup, where he came off the bench for 24 minutes in their opening defeat to England. Croatia subsequently beat Panama to advance to the final group game, going on to beat Ghana 2-1 to finish second in Group L.
The 23-year-old brings physicality and a strong aerial presence to a Betis attack that has struggled for a different profile up front. At 1.94m, he offers a dimension that Cucho Hernández does not provide.
Should Real Betis secure Matanovic, he would arrive as a player with Champions League ambition and the hunger of someone who has emerged as one of the Bundesliga's more consistent performers despite playing for a mid-table side.
Whether Freiburg are willing to sell will depend on the fee offered and the player's own desire to move — factors that will become clearer as the summer progresses and his World Cup involvement concludes.