Real want around £60m (€70m) for the 28-year-old this summer.
Varane is currently with the France squad ahead of the start of Euro 2020, where his country are strong favourites.
Speaking last month, he insisted he was fully focused on performing for Les Bleus and wasn’t going to let speculation over his club future affect him.
“This is not the time to talk about my future,” Varane said. “I am focused on the selection, on this Euro.