Florentino Perez and Jorge Valdano have had discussions about making a £43 million offer for Arsenal midfielder Cesc Fabregas.
The Sun reports that Barcelona are considering a £40m bid in the summer, but Los Merengues are ready to prevent the deal from happening by sweetening their offer with £25m-rated striker Gonzalo Higuain.
"The price demanded is £43m and that is what we are basing our calculations on," a Real insider told The Sun.
"This is 'Operation Cesc', which we hope will prove a blow to Barcelona."
La Blaugrana president Joan Laporta has in the past publically stated that he would like to bring Fabregas 'home' to Barcelona.