Real Madrid haven't won a trophy in two seasons, the dressing room reportedly got physical, and Florentino Pérez has called a snap presidential election. The rebuild starts June 7 — whoever wins gets to decide what Madrid looks like next.
Both candidates, Pérez and challenger Enrique Riquelme, are dangling transfer promises as part of their pitch to voters. That means Madrid's summer window isn't just football business — it's electoral politics. Some deals are contingent on who sits in the presidential chair when the dust settles.
The deals already circling the table
Two free transfers appear essentially done pending Pérez's re-election. Ibrahima Konaté — Premier League winner, France international, 27 years old — has a verbal agreement in place according to Fabrizio Romano. He walks out of Liverpool for nothing and fills a genuine need in a backline that has looked soft for two years.
Denzel Dumfries follows a similar script: reported to be all but signed, with Inter Milan and Madrid agreeing a €20 million fee. Seven goals in all competitions last season for Inter tells you what type of full-back he is — drives forward, contributes end product, not just a defensive option. With Dani Carvajal gone after 451 appearances and Trent Alexander-Arnold the only recognised right back at the club, bringing in two options for that flank isn't just smart — it's essential.
Riquelme, for his part, has teased two signings he'll execute if he wins — one a Spain international. The name he's openly floated? Rodri. The Manchester City midfielder, who happens to be from Madrid, is out of contract next summer and has been diplomatically non-committal: "We'll see after the World Cup." That's not a no.
The midfield problem — and the expensive solution
Central midfield has been Madrid's soft underbelly since Toni Kroos and Luka Modrić left. They've lacked a controller — someone to dictate tempo rather than just occupy space. Rodri would be the answer. So, in a different way, would Enzo Fernández.
Chelsea are asking £120 million for the Argentina World Cup winner. That's the headline number, and it's steep — but Fernández has turned into a box-to-box threat in the Premier League, not just a holder, which gives any Madrid manager genuine tactical flexibility. His compatriot Alexis Mac Allister has also been mentioned, though his father has denied any talks. That one feels further away.
The most tantalising cheap option is Nico Paz. Madrid hold a buyback clause on the 21-year-old Como attacker reportedly priced at just €9 million. After 12 goals and six assists in Serie A — plus an Argentina World Cup call-up — activating that clause should be automatic. The question is whether José Mourinho, the manager set to take over under Pérez, actually wants a creative No. 10 in his system.
- Ibrahima Konaté — CB, Liverpool, free transfer, verbal agreement reported
- Denzel Dumfries — RB/RWB, Inter Milan, €20m, conditional on Pérez win
- Rodri — CM, Manchester City, contract expires 2027, Riquelme's marquee target
- Enzo Fernández — CM, Chelsea, £120m asking price
- Nico Paz — AM, Como, ~€9m buyback clause
- Pedro Porro — RB, Tottenham, linked as Alexander-Arnold competition
- Jacobo Ramón — CB, Como, buyback clause option
Who's leaving — and one who's coming back
Carvajal's departure is confirmed. David Alaba also exits after five injury-ravaged seasons. Dani Ceballos is close to joining Ajax. Eduardo Camavinga, Raúl Asencio and Gonzalo García are all reportedly under threat, though no moves are advanced yet.
Endrick returns from his Lyon loan, where he scored eight times in 21 appearances. He turns 20 in July and, with Rodrygo still recovering from an ACL injury, could slot into a regular right wing role rather than sitting on the bench. That would be a significant shift in how Madrid use him.
Vinicius Jr's contract renewal also sits unresolved in the background — a negotiation that will shape Madrid's financial headroom for everything else this window. Until that's sorted, no one can fully map out what's possible.
The election is June 7. By June 8, Madrid will know which version of this rebuild they're getting.
