Real Madrid have submitted a bid of £137m for PSG forward Kylian Mbappe, according to reports.
The France international has rejected several offers of a new contract from the Ligue 1 giants in recent months.
Mbappe is set to become a free agent next summer but Madrid hope to prise him away from the Parc des Princes before then.
According to Marca, los Blancos offered £137m for the World Cup winner on Tuesday.
They believe that is a fair price for a player who will be available on a free transfer in less than 12 months' time.
Madrid remain hopeful that they will be able to complete a deal for Mbappe before the window closes on August 31.
The report states that Carlo Ancelotti is supportive of Florentino Perez's efforts, even as he continues to play down transfer speculation in public.
PSG have already rejected the bid, but Madrid may yet return with an improved offer.
The French side are in a difficult position having long believed they would eventually be able to talk Mbappe round.
PSG argued that their signing of Lionel Messi earlier this month was likely to convince Mbappe that the Parc des Princes is the place to be.
If anything, though, the arrival of Messi in Paris has only cemented the 22-year-old's belief that his future lies elsewhere.
Mbappe idolised Cristiano Ronaldo as a child and has always wanted to play for Madrid.
The 13-time European champions have not yet spent a penny in the transfer market this summer, with David Alaba the only arrival to date.
Madrid have raised more than £70m from the sales of Raphael Varane and Martin Odegaard, while Sergio Ramos' exit has freed up extra space in the wage budget.
However, it is unclear how high Madrid are willing to go in this window - and whether PSG are prepared to sell Mbappe at all.
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