Real Madrid will switch their attention to signing Neymar if they can't complete a move for Manchester United midfielder Paul Pogba by the end of the Premier League transfer window, a source has told ESPN FC.
A separate source added that Paris Saint-Germain would be open to an approach from Madrid, and are willing to sell Neymar to anyone. However, there are doubts any club would be willing to match the Ligue 1 champions' valuation for a player they paid €222 million for just two years ago.
They are yet to receive an offer from Madrid and feel it is unlikely the 13-time European champions would move for the Brazil international, given they signed Eden Hazard to play in a similar position this summer.
PSG, who do not want to keep Neymar against his wishes, are keen to negotiate a permanent transfer rather than a loan move with an obligation to buy.
Neymar has been heavily linked with a return to former club Barcelona, but with no headway being made on that move -- and Madrid having been unable to prise Pogba away from Old Trafford -- the Bernabeu hierarchy are considering Neymar as an alternative option.
Sources have told ESPN FC the relationship between Madrid president Perez and PSG counterattack Nasser Al-Khelaifi is very good and Neymar could be open to joining Madrid despite his Barca past and attempts to return to Camp Nou this summer.
Perez has long wanted to bring Neymar to the Bernabeu, making attempts both before and after he joined Barca from Santos in 2013.
Barca figures including president Josep Maria Bartomeu have spoken openly about the possibility of re-signing the 27-year-old.
ESPN FC's Madrid correspondent Dermot Corrigan and PSG correspondent Jonathan Johnson contributed to this report.