Gunners and Blues could miss out on £24m-rated star.
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Real Madrid are being linked with a late-summer swoop to sign Sporting Lisbon youngster William Carvalho as a replacement for Xabi Alonso, according to Fichajes.net.
The Spanish giants look close to offloading experienced Spaniard Alonso in an £8m deal to Bayern Munich, and could find themselves somewhat short of options in the defensive midfield department even if Sami Khedira looks set to remain at the Bernabeu.
Carvalho now looks to be their top target, and it could be that the 22-year-old, who has attracted so much interest from the Premier League this summer in the form of Arsenal, Chelsea and Manchester United, could now make the £24m move to Madrid instead.
Real have money to spend after recently selling Angel Di Maria to Manchester United in a £59.7m deal, and Carvalho could be their latest big-name addition to come in this summer after the likes of James Rodriguez and Toni Kroos.