Tuttomercatoweb claims that Los Blancos are eager to bring the Argentina international back to La Liga this summer after growing weary of Karim Benzema.
Real are believed to have made an offer for Aguero during his time with city rivals Atletico before the striker linked up with City in 2011 for £38m.
The 26-year-old has been in top form this season, scoring 23 goals in 31 appearances.
And Real are now apparently ready to lure him to the Santiago Bernabeu with an eye-watering £70m offer as they look to strengthen their options in attack.
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Sergio Aguero has been linked with a move to Real Madrid
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