Ramos has been tipped to leave the Bernabeu this summer with negotiations over a contract extension at an impasse between the player and the club.
That has led to talks of his exit, with Manchester United thought to be at the front of the queue for his signature. Should he leave, Madrid have identified Garay and Valencia defender Shkrodan Mustafi as potential replacements, reports Cadena Cope.
Real Madrid over Arsenal
It has been thought that Arsene Wenger was looking for alternatives to Germany international Per Mertesacker and had identified Garay as a suitable option, with a rumoured price tag of £13 million being very attractive.
However, should Madrid come in for his services it is easy to imagine he would choose a return to Spain rather than a move to the Emirates.
Garay of course played at the Bernabeu for two seasons before a move to Benfica and would likely be keen to prove himself there again, while from a simple financial standpoint the La Liga could best Wenger’s side considerably.