Real have been chasing a replacement for injured Argentine Gonzalo Higuain in the Janaury transfer window, but AS has suggested they will be waiting until June to capture another Argentine international for €35 million (£29.9m).
Aguero recently signed an extension to his current deal at Atleti and claimed the contract represented more than just an agreement but a commitment to the club.
Madrid coach Jose Mourinho has obviously become concerned with a forward line dependant on the work and goals of Cristiano Ronaldo in the absence of Higuain, that being despite a winning strike from Karim Benzema against Mallorca, with youngster Morata relatively untried at the top level.
Aguero missed out on the return leg in the Copa del Rey derby last week, Real Madrid just edging the game 1-0 thanks to a Ronaldo goal.
Atletico will be concerned that both their top forwards, Diego Forlan and Sergio Aguero, could be heading for the exit door, as they look to propel themselves from Europa League winners to Champions League contenders.
Forlan has been attracting a host of clubs across Europe, with Juventus seemingly top of the list for the Uruguayan, but rumours have circulated that he also has been linked with a temporary switch to Real Madrid as cover.
