Speculation over the future of the 22-year-old has grown during the summer as talks with PSG over a new contract failed to make significant progress.
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The France international has now entered the final 12 months of his current deal and, should he not leave the French capital this summer, he would be able to discuss terms regarding a free transfer away from the club from January.
PSG are keen to avoid losing the second-most expensive player of all time for nothing and, having seen him reject their latest contract offer, they are increasingly open to offers.
The recent arrival of six-time Ballon d’Or winner Lionel Messi at the Parc des Princes has also made losing Mbappe potentially less harmful to their chances of success, although the French giants’ preference is still to keep the forward.
Real Madrid have been long-term admirers of Mbappe, though, and transfer expert Fabrizio Romano claims that they have now submitted an official £137m bid for the France international.
Such a deal would see Mbappe command the third-highest transfer fee in football history, behind only the deal to take him to PSG from Monaco, and Neymar’s switch to PSG from Barcelona.
However, PSG are understood to have swiftly rejected that opening bid, with Real Madrid now expected to return with an improved second offer.
An unnamed Premier League club are also thought to be in the running for the World Cup winner, with Liverpool and Manchester United among the clubs previously linked.
Mbappe has scored 133 goals and created 63 more in just 174 appearances since joining PSG.
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