The former Anfield favourite becomes another high-profile goalkeeper set to take part in a summer that could see Manchester United, Tottenham and Arsenal all recruiting.
The goalkeeping situation at many of the richest and biggest clubs in the world threatens to be a fascinating transfer story this summer.
Bayern Munich chief executive and former player Karl-Heinz Rummenigge on Wednesday confirmed the departure of former Liverpool star Pepe Reina after just one season in Germany, in comments reported by Sky Sports.
Those same reports suggest that De Gea is set to head back to Madrid, having joined United from Atletico in 2011, with the knock on effect from this being that if Real weren't to pinch Lloris from Tottenham, United would then replace the 24-year-old with the Frenchman.
But the presence of Rafa Benitez at Real Madrid, Reina's manager at Liverpool, could mean the former Barcelona goalkeeper may be about to throw a curveball in those projected transfers.
Quite how feasible it is for Reina to come in at the Bernabeu, with Real fans expecting De Gea all summer, or even crazier, that Reina would come in at Old Trafford, is debatable.
Even if none of those possibilities occur, the availability of a goalkeeper as experienced and capable as Reina will mean there is another option out there for United, Spurs, Chelsea, and Arsenal, all of whom may be looking for signings in that department this summer.
Coupled with further stories linked Petr Cech to Arsenal, courtesy of the London Evening Standard, the changes between the sticks at so many high profile clubs could be unparalleled.