Los Blancos have already secured a deal to bring Brazilian wonderkid Endrick to Santiago Bernabeu, but they could still be active this winter.
Real Madrid have already got their big January deal over the line. The Spanish giants have agreed a fee with Palmeiras to sign Brazilian teenager Endrick for €60 million (£53m/$64m), securing the signature of one of the most promising youth talents in the world.
He appears to be an ideal fit, too. Karim Benzema is still among the best strikers out there, but, at 35, he doesn't have too many years of top-level football left.
Endrick, although only 16, is being lined up to be the Ballon d'Or winner's long-term replacement. The bad news for Madrid fans is the striker will have to wait 18 months before he moves to Santiago Bernabeu.
In the meantime, there's work to be done. Madrid have a terrific squad, but there are a few flaws.
Luka Modric and Toni Kroos are world-class midfielders, but both are into their 30s, and at least one could depart this summer.
Furthermore, until Endrick arrives, there's no obvious deputy for Benzema through the middle, which could cause a problem if the Frenchman's injury problems continue.
Multiple sources have suggested that it could be a quiet few weeks for Madrid, although the Spanish giants certainly don't lack the resources to make a deal happen, should an opportunity present itself.
GOAL has taken a look at some potential targets for the month ahead…
Getty ImagesSergej Milinkovic-Savic (Lazio)
Madrid have been linked with Milinkovic-Savic for a couple of years now, and there are reports that Florentino Perez could step in to make the move happen this winter.
Now might be an opportune time for any potential suitors, too, with Milinkovic-Savic only having 18 months remaining on his contract, and having turned down a handsome extension offer last summer.
Since then, whispers of potential destinations have emerged. Juventus are reportedly in the mix, but with their ongoing financial struggles, a massive deal for the midfielder might be tricky to pull off.
Milinkovic-Savic is 27, and in his prime. He could be brought in to lead Madrid's midfield of the future, and there does seem to be some interest.
That said, Jude Bellingham remains the No.1 target for the summer, with the player keen on a switch to Santiago Bernabeu.
AdvertisementSacha Boey (Galatasaray)
Boey might not be the biggest -type signing, but the right-back has impressed immensely in Galatasaray's Turkish Super Lig title hunt.
A modern attacking full-back with valuable recovery pace, Boey could offer cover for Dani Carvajal and also operate as a long-term starter when the Spaniard retires.
He's only 22, too, so there's plenty of upside, and although Galatasaray have indicated they'd be reluctant to sell, a good enough package could force their hand.
Getty ImagesPedro Porro (Sporting CP)
Another solid full-back option who could serve as back-up for Carvajal, Porro has enjoyed an excellent couple of years at Sporting, generating interest from clubs across Europe.
He seems like the right type of player to contribute down the Madrid right, especially if the Spanish side need some attacking thrust. Porro has tallied five league assists so far in the 2022-23 campaign, while he scored his first goal of the season in the 3-0 win over Pacos Ferreira on December 29.
His defensive game certainly needs some fine-tuning, but with the likes of Eder Militao and Antonio Rudiger in the line-up alongside him, there should be plenty of positional support. And at 23, he still has plenty of time to develop his craft.
Getty ImagesEnzo Fernandez (Benfica)
Most of the talk around Enzo Fernandez heading to Santiago Bernabeu is dependent on how successful Madrid are in the pursuit of England star Jude Bellingham.
Bellingham is the jewel of this year's market and an object of fascination for many clubs across Europe. A lot can change, but Madrid are currently leading the race for his signature.
Should that change, however, that's where Fernandez comes in. The Benfica midfielder – who excelled at the World Cup – could be a viable alternative if Madrid's Bellingham pursuit falls short.
He won't come cheap; Benfica have allegedly placed a €120 million (£105m/$127m) release clause in the Argentine's contract. But his marauding performances in Qatar make him one of the most exciting young talents in the world and suggest he's more than capable of stepping into a high-pressure situation.
There is a chance that any deal for Fernandez could drag out until the summer, with Madrid willing to go down to the wire on the Bellingham pursuit. Or, alternatively, Los Blancos might just buy both, starting with Fernandez now.