Madrid’s focus has been on selling players after their revenues were hit by the Covid-19 pandemic.
However, Los Blancos plan to bring in several big signings next summer to further rejuvenate their squad.
Liverpool could have an advantage, with Mbappé an admirer of their playing style under Jurgen Klopp.
“What Liverpool do in this moment is amazing,” Mbappé said in January. “They’re like a machine, they’ve found a rhythm and are like ‘we play again, we play again’.
“When you watch you think everything’s easy, but that’s not easy. The guys are focused, they play games every three days and they win, they win, they win.”
Mbappé’s PSG deal runs until June 2022 and has refused to sign a contract extension.