The England captain is being considered as the successor to Karim Benzema at the Bernabeu, according to El Desmarque.
Benzema could be sold at the end of the season to make way for fresh blood in the squad, but Mbappe remains the La Liga giants’ top target.
However, PSG could demand as much as €300 million for the 20-year-old after setting a €220m price tag for Neymar over the summer.
According to the report, Kane’s valuation could be around €200m, a fee that could be considered by Real president Florentino Perez in his search for a striker who can guarantee goals to his side.
Kane has started this season with five goals in nine Premier League games, but Mauricio Pochettino’s side have struggled so far.
Zinedine Zidane’s Madrid side have also come in for criticism early in the season and suffered a shock 1-0 loss to Mallorca on Saturday.
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