The 19-year-old, who spent this season at Real Mallorca, is wanted all across the world.
The Parisians would want Kubo permanently though, an idea Madrid will not even entertain.
A move to Osasuna is gaining more viability, while Betis and Granada are the other favourites.
Sevilla want Kubo on a two-year loan with an option to buy, two conditions Madrid will not consider.
Their local rivals Betis are more feasible, but it will be crucial to know the plans of new boss Manuel Pellegrini.
Kubo the phenom
Above all, Kubo wants regular game time, a club that will allow him to play 40 games in a season.
Between the loan fee and player’s wages, the team that loans Kubo will be investing over €5m.
Kubo’s appeal comes not only from his phenomenal talent, but the interest from his homeland.
The teenage maestro is highly regarded in Japan with many tuning in to watch him for Mallorca this year.
Kubo made 35 league appearances for Mallorca this term, contributing four goals and five assists.