Fichajes reported that Tottenham have submitted a formal offer for Mastantuono and that Real Madrid dismissed it without significant deliberation, with sources close to the club suggesting a fee closer to €70million would be required to open serious discussions about a permanent deal.
Mastantuono joined Real Madrid from River Plate in August 2025, triggering a €45million release clause in what was Argentina's record outgoing sale. He was given early opportunities under Xabi Alonso but his playing time dried up significantly following Álvaro Arbeloa's appointment. He has made 31 competitive appearances this season, contributing three goals and one assist, but started only 15 matches.
The teenager turned 18 in August and became the youngest player to make an official senior appearance for Argentina when he came off the bench in a World Cup qualifier against Chile. He is contracted to Real Madrid until June 2031.
A loan move had been discussed internally at the Bernabéu, with OK Diario reporting in April that the club were open to sending him out for the season. El Chiringuito subsequently claimed a permanent sale was also under consideration. Brighton have also been monitoring his situation alongside Tottenham.
The key complication for Tottenham is their own league position. Roberto De Zerbi's side sit one point above the relegation zone with three matches remaining. Mastantuono, who has sampled La Liga football at Real Madrid and wants consistent minutes, is unlikely to choose a club facing potential relegation to the Championship over a return to Spain or another established Premier League environment.
Former Xabi Alonso once described Mastantuono as a "warrior" with a "lovely technique." The challenge for Tottenham is convincing Real Madrid — and the player — that Spurs are currently the best home for that talent.