A representative of Arsenal striker Jose Reyes hasn't ruled out the possibility of a move to Real Madrid this summer for the Spanish international.
Reyes is a long-term target for Real president Florentino Perez, though no talks have occurred between the clubs since the end of last season over a possible transfer.
Swap deals involving Michael Owen and Guti have been mentioned, but Arsenal vice-chairman David Dein has made clear their intentions by offering Reyes a new contract extension.
However, Reyes' representative, Jaime Rodriguez de Moya, told Marca yesterday: "At the moment, the only thing that's happened is a conversation with Arsenal as they're interested in extending the contract of Reyes."
"Neither Real Madrid nor anyother team have asked us for Reyes. Officially there is nothing and what we know is what is said in the Press."
"If Real Madrid were to approach Arsenal, the English club would tell us because the relationship we have is excellent. Right now, Reyes is very highly valued by Arsenal and it's necessary to go step by step on this subject."