Bayern Munich striker Robert Lewandowski has also been linked with Real Madrid this summer.
And Nicol believes Real should go after the Pole if they cannot land Kane.
Real Madrid fans 'want Harry Kane' says Michel Salgado
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Nicol says Harry Kane should join Real Madrid even if it breaks Tottenham fans' hearts (Image: ESPN)
“All these names we’re talking about, there is a fair percentage chance that it doesn’t happen,” he added.
“You’ve got to make sure you get something. So what’s wrong with Lewandowski?
“He’s been trying to talk his way out of there, they don’t seem to be very happy with what he’s been saying either.
“He wasn’t particularly brilliant last season I have to admit, but the guy’s got quality.”