The Mail have revealed how much Liverpool would have to pay for the talented 22-year-old midfielder.
The Croatia midfielder endured a low-key first season with the Spanish giants following a move from Inter Milan last summer, starting eight Liga games.
The less-than-prolific maiden year at the Santiago Bernabeu has prompted speculation over his future, with Liverpool boss Jurgen Klopp "bewitched" by the 22-year-old according to a report from Gianluca di Marzio last week.
Having paid out some £22.5 million for him (The Guardian) less than 12 months ago, Real would surely be reluctant to accept a big loss on the investment and, according to The Mail, the club's hierarchy would accept offers of around £20 million for him.
The report goes on to state that Los Blancos would be also willing to let him leave on loan if his future is still unclear toward the end of the transfer window.
His time with the European champions may not work out, but at 22 there is still plenty of time for Kovacic to fulfill the potential that he showed for years at San Siro - and Klopp, an excellent man-manager, may be the person to help him reach it.
He has five years to go on his deal with Madrid.