According to Spanish outlet Marca, Los Blancos do not want to pay more than £198m for the France international, who has just a year left to run on his current PSG contract.
Mbappe’s future has taken centre stage in the 2023 summer transfer window thanks to his contract status.
The Frenchman did seem eager to run down his deal and leave on a free transfer next summer.
But as PSG do not want to lose him for nothing and the player seemingly does not want to sign a new contract, the French champions are trying to sell him now.
A one-year move to Saudi Arabia has been touted after Mbappe was left out of PSG’s pre-season tour.
However, there are a number of other clubs interested in Mbappe’s services, with the main three being Real Madrid, Arsenal and Liverpool.
As mentioned above, the latter have set a price cap on any potential Mbappe transfer, which may help Liverpool or Arsenal out if they can find enough cash to outbid the Spanish powerhouse.