Real remain keen on Alonso and Arbeloa
"We have possibilities there but I don't want to say anything that will make the negotiation more difficult. We will wait a reasonable amount of time," Valdano told sports daily As.
Valdano said Real could also be interested in another member of Liverpool's Spanish international contingent, Alvaro Arbeloa, who came through the youth team at Real.
"The lad only has a year left on his contract with Liverpool and this gives us more possibilities," Valdano said. "He can play in two or three positions and this versatility is good. He is another option to evaluate."