The Norwegian striker has been prolific for Red Bull Salzburg this season and has caught the attention of Europe's elite.
The 19-year-old is thought to suit Real Madrid's new strategy of signing the very best young prospects alongside ready-made stars.
The current crop of youngsters making an impact for Los Blancos include Vinicius Junior, Federico Valverde and Rodrygo.
All the while, players such as Martin Odegaard, Takefusa Kubo and Andriy Lunin are still cutting their teeth on loan elsewhere in 2019/20.
In this regard, Haaland would be the perfect acquisition as Real Madrid look to assemble a new wave of Galacticos.
It's believed that their recent signing of Luka Jovic, 22, will not deter the Spanish giants in their pursuit, as the long-serving Karim Benzema approaches 32.
His son has scored a staggering 18 goals in 11 games for Salzburg this season and provided five assists to boot.
Manchester United first took notice of Haaland, and it was rumoured that his compatriot Ole Gunnar Solskjaer could have some pulling power.
When the left-footed attacker was just 16, Solskjaer was managing him at Molde in Norway and joked that "we are going to have to keep him hidden!"
But now Haaland is anything but hidden and poised to whip up a transfer frenzy this year.
A big factor in deciding the Haaland's future will be the influence of super-agent Mino Raiola, who is advising the striker's family.
Raiola represents Paul Pogba, among others, and is widely reported to have been negotiating a move to Madrid for the Frenchman.
Get the best features, fun and footballing frolics straight to your inbox every week.