Spurs have already tried to allay fears that the agreement will see the Spanish giants sign Gareth Bale in a couple of seasons, and insist there will be talented players coming their way too.
Most likely they will be talented youngsters or fringe players coming in on loan. Here are five they should take a look at.
Callejon scored 10 goals in 8 starts for Madrid last season, plus a host of substitute appearances, but at 25 needs to play first team football. With Gonzalo Higuain staying his opportunities are going to be limited, and with Tottenham in need of strikers, it is not rocket science to realise a loan move could be the perfect solution for both parties. Mourinho wants to keep him, and Liverpool were linked with him earlier this summer, but Spurs should push for a loan move before the window closes.
19-year-old striker Morata is another who might fit the mould for Spurs, and is below Callejon in Spurs' pecking order. The striker scored 17 goals in 32 games for Madrid's youth team last season, and has now been promoted to the first team squad. He has scored 11 in 19 for Spain's under-19 team, and has been compared to Fernando Morientes. Mourinho may be unwilling to let Callejon go, but may be more open to Morata going out to gain experience.
Creative midfielder Esteban Granero is a player who stands to suffer in the wake of Luka Modric's arrival. By the same token there is a space in Tottenham's midfield for a similar type of player. The Spaniard has been on the fringes of Madrid's first team since coming through the youth system and like Callejon at 25 it is time for his to kick on. He played in just 17 La Liga matches last season, and could flourish given a move away to play first team football, loan or permanent.
Lassana Diarra is a different type of midfielder to Modric, but one they could turn to all the same, whether it be now or in six or 12 months time. His brief spells at Arsenal and Chelsea are unlikely to be problems in a deal, and he is another who looks likely to find opportunities decreased by the arrival of the Croatian at the Bernabeu. Spurs have been linked with defensive midfielder Yann M'Vila, but Diarra would offer them a similar option, potentially for a cheaper price.
Raul de Tomas
If Spurs really want to look at a long-term option, then plucking this talented 17-year-old striker from Real Madrid's youth team is worth considering. The striker has scored 6 goals in 10 matches for Spain's youth teams, including 2 in 3 games for the under-19s. He is expected to build his reputation over the coming seasons, but Spurs could offer him a very different route to get to the top.
Who should Tottenham try to sign from Madrid as part of their 'partnership' agreement?
image: © cogocogo