Reijnders joined City from AC Milan last summer for âŹ54.9 million and started strongly under Pep Guardiola, establishing himself in the midfield during the autumn.
Since the turn of the year, however, his opportunities have diminished sharply. He has started just 17 Premier League matches across the full campaign and has been overtaken in the pecking order by City's younger midfield options.
According to Football Insider, Reijnders is unhappy with his situation but City have shown no inclination to let him leave, viewing him as valuable squad depth for a team expected to compete across four competitions next season.
That resistance from the club is the central obstacle. Reijnders is contracted until 2030 and City have no financial need to sell. Whether his discontent is enough to prompt a reconsideration â particularly if they sign a new central midfielder this summer, with Nottingham Forest's Elliot Anderson also on their wishlist â remains the key variable.
Real Madrid's interest in Reijnders predates his move to City. The club monitored him extensively during his outstanding 2024/25 season at Milan, when he registered the most goals and assists of any midfielder in Serie A and impressed personally against Madrid in the Champions League. At the time, City moved quicker and the Dutch international chose the Etihad. The calculus could look different now.
Madrid are expected to make midfield their primary area of investment this summer. With Luka Modric departing, Dani Ceballos also exiting, and questions surrounding Aurélien Tchouaméni's long-term role, the requirement for a player who can lead and organise from deep is acute. Reijnders' combination of pressing intensity, technical quality and ability to arrive late into the box from a central position fits the profile Madrid's scouts have identified.
Juventus have also been named as interested, with the Turin club heading a group of Italian sides monitoring his situation. The ball, as things stand, sits firmly with Manchester City â and whether they decide to cash in on a player with declining minutes or hold him as depth will determine how quickly this develops.