Here we go again. Another January, another report linking Real Madrid to a Liverpool midfielder with a nine-figure price tag attached.
According to Spanish outlet Fichajes, Real Madrid have tabled a €120m offer for Ryan Gravenberch. The Dutchman, they claim, is the man Xabi Alonso wants to "lead Real Madrid's new era." Liverpool are apparently "reconsidering their options."
Before you start drafting your fantasy midfield, let's pump the brakes.
What the report actually says
Fichajes claims Alonso has personally requested Gravenberch's signing, and that Madrid's hierarchy have responded by lodging a formal €120m bid. The report describes the fee as confirmation of "the strategic importance of the move."
They also suggest Liverpool, despite viewing Gravenberch as a "key asset," might be tempted by such a figure because it would "allow them to strengthen several areas of the squad."
That's a lot of speculation packed into one story. And here's the problem: Fichajes has a reputation for generating transfer rumours that rarely, if ever, materialise. Their business model relies on clicks, and there's nothing clickier than Real Madrid + Liverpool + €120m.
Why Alonso might actually want him
Put aside the source for a moment, and the football logic isn't completely insane.
Alonso inherited a midfield at the Bernabéu built around Eduardo Camavinga and Aurélien Tchouaméni — both excellent, both defensively oriented. What Madrid lack is a progressive passer who can drive through the lines, someone with the technical quality to control tempo and the athleticism to win duels in transition.
Gravenberch fits that profile. The 23-year-old was transformed under Arne Slot last season, deployed as a deep-lying playmaker rather than the box-to-box midfielder Bayern Munich tried to make him. He started all but one of Liverpool's Premier League games en route to the title, was named Liverpool's Young Player of the Season, and earned a spot in the PFA Team of the Year.
This season has been harder. Liverpool are fourth, 15 points off leaders Arsenal, and Gravenberch has looked less dominant. But one difficult half-season doesn't erase what he showed before.
Why Liverpool won't sell — and why Madrid probably haven't bid
The Times reported this week that Liverpool are planning to open contract extension talks with Gravenberch, whose current deal runs until 2028. There's "a keenness to secure the future" of a player who, at 23, should be central to Slot's project for years.
Selling him now, mid-season, would be madness. Liverpool have already sold Trent Alexander-Arnold to Madrid — that departure still stings. Losing Gravenberch too would gut the squad.
And Madrid? The club are historically conservative in January. Fabrizio Romano — a far more reliable source than Fichajes — noted this week that Madrid are "monitoring" the market but prepared to continue with their current squad if no suitable profiles emerge. That doesn't sound like a club about to drop €120m on a player Liverpool have no interest in selling.
What this story is really about
Transfer rumours like this serve a purpose. They generate headlines, they keep fans engaged during the quiet early days of January, and they occasionally apply pressure in contract negotiations.
If you're Liverpool, you can point to this report and tell Gravenberch's camp: "Look, the big clubs are watching. Let's get this extension done." If you're Gravenberch's agent, you can use it as leverage for better terms.
But as an actual transfer story? There's nothing here. Not yet, anyway.
Could Madrid come calling in the summer with a genuine offer? Maybe. Alonso is building something at the Bernabéu, and he'll want his own players. But €120m in January for a midfielder Liverpool consider untouchable? That's not how football works.
File this one under "fun to think about, unlikely to happen."
