Around £300m (€350m) could be spent on new players at the Bernabeu, with a number of existing stars - including the likes of Gareth Bale and Luka Modric - potentially moving on.
Eriksen has been linked with Real on and off for a number of months, but a report from the Daily Mirror now suggests it is crunch time for Tottenham as they 'battle hard' to tie the former Ajax starlet to a new long-term contract to ward off suitors.
Eriksen is only contracted to Spurs until the summer of 2020 and will have just one more year left on his current deal at the end of the season - a situation similar to the Chelsea find themselves in with Eden Hazard, another player seemingly of interest to Real.
Should no new contract be agreed, Spurs may have to entertain of selling Eriksen this summer, or otherwise risk losing him as a free agent at the end of next season.
A move to Spain would likely see the player earn far more than he would be paid in north London, as well as significantly improve his chance of winning major trophies.
The Mirror claims Zidane is a 'huge admirer' of the 27-year-old Dane, who could be just what Real are looking as they search for a replacement for the ageing Modric in central midfield.
Real also remain heavily linked with Neymar
Source : 90min