The Spanish club are understood to have placed the 27-year-old high on their list of potential recruits. The report also identifies manager José Mourinho as a supporter of the idea, with the Portuguese coach appreciating the Argentine’s physical presence and strength in challenges.
Mac Allister joined Liverpool from Brighton & Hove Albion in the summer of 2023 for a reported £35 million. He has since become an important member of the midfield, combining his work without the ball with the ability to progress possession and contribute in attacking areas.
His existing contract gives Liverpool a degree of control over any potential negotiations. However, Sky Sport Germany reports that there are currently no concrete plans for an early extension, a situation Real Madrid are watching closely.
The report does not suggest that Liverpool have agreed to sell or that formal negotiations have begun. Any move would require the Spanish club to convince Liverpool to part with a player who remains under contract for another two seasons beyond the current campaign.
Real Madrid’s interest is linked to their longer-term midfield planning. The report notes that the club have several options in the centre of the pitch, including Aurélien Tchouaméni, Eduardo Camavinga, Arda Güler, Federico Valverde and Bernardo Silva, but are still assessing how best to establish a settled central midfield.
Mac Allister could offer a different balance to that group. The World Cup winner has experience at the highest level with Argentina and has played a significant role for Liverpool since arriving from Brighton.
He also has a record of delivering in demanding matches, having helped Argentina win the 2022 World Cup. That experience is likely to add to his appeal for a club seeking players capable of handling the pressure of competing for major honours.
For Liverpool, the immediate priority will be retaining their midfield strength while keeping their longer-term contractual position under review. Mac Allister's deal means Real Madrid would face a substantial negotiating challenge if their interest develops into a formal approach.
For now, the reported pursuit remains at the monitoring stage, with no confirmed bid or agreement.