Real Madrid offered to hold talks with Raheem Sterling's representatives earlier this year ahead of a potential future move for the Manchester City forward.
According to The Athletic, Madrid are interested in bringing the England international to the Bernabeu.
Jose Angel Sanchez, the Spanish giants' general director, is said to have invited Sterling's agent for talks about a possible move to La Liga this summer.
Los Blancos had no intention of acquiring the former Liverpool man ahead of the 2019/20 campaign, but they hoped to build a relationship with his representatives ahead of a possible approach in the future.
Madrid spent around £275m on new signings before the European transfer window closed at the start of September, bringing Eden Hazard, Luka Jovic, Ferland Mendy, Rodrygo and Eder Militao to the Spanish capital.
The rebuild is expected to continue at the end of the campaign, with Paul Pogba and Christian Eriksen among Madrid’s targets next summer.
Guardiola's side remain five points behind league leaders Liverpool following Saturday’s 8-0 demolition of Watford.
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