The 20-year-old has established himself at VfB Stuttgart since joining from FC NĆ¼rnberg in January 2025 and has made 57 competitive appearances for the club.
Jeltsch remains under contract with Stuttgart until 2030 and has continued to feature regularly this season.
According to AS, Real Madrid are now keeping an eye on the centre-back as they assess their future options in defence.
Jeltsch has previously been linked with several Premier League clubs, including Arsenal, Liverpool and Manchester United.
His growing profile has also been boosted by his first senior Germany call-up.
JĆ¼rgen Klopp included Jeltsch in his first Germany squad after taking charge of the national team, although the defender was placed in the second group of players for the current international break.
Jeltsch is scheduled to join Germany for the Nations League matches against Serbia and Greece.
Stuttgartās own announcement confirmed that Jeltsch received his first senior call-up alongside fellow club players Maximilian MittelstƤdt, Josha Vagnoman and Chris FĆ¼hrich.
The defender has started all five of Stuttgartās competitive matches this season, including four Bundesliga games and their Champions League fixture against Slovan Bratislava.
Real Madridās reported interest therefore comes as Jeltsch continues to establish himself at both club and international level.