Like many clubs around Europe, Los Blancos are not in a position to splash out big money this year due to financial issues coming from the coronavirus pandemic.
But they hope to be on a better footing next summer, where they will go all out to sign some of the best young talent on the continent.
According to ABC , the La Liga champions are eying up moves for Mbappe, Haaland and Camavinga for a combined £261million, according to Transfermarkt .
Paris Saint-Germain superstar Mbappe has been linked with a move to the Bernabeu for some time, with the Frenchman hinting that a move to Madrid could be an option.
While he is yet to win the Champions League with PSG, some feel he is being wasted in Ligue 1, a league that is not of the standard of others around Europe.
Mbappe could form part of a fearsome front three in Madrid, alongside Eden Hazard and Haaland, if the club could sign the Norwegian from Borussia Dortmund.
Real Madrid were credited with an interest for the striker in January when he was deciding his next move when he left RB Salzburg.
In the end the 20-year-old thought a move to Dortmund would be the best route to progress his career, but La Liga could be next on the cards.
Haaland has started his Bundesliga career in blistering fashion, netting a hat-trick on his league debut and also scoring on his Champions League debut for the club.
Rennes midfielder Camavinga is understood to have been identified as the perfect long-term successor to Casemiro and could already have been a Real player.
Had it not been for the disruption caused due to Covid-19, the 17-year-old would probably already have been signed by the Spanish champions.
Real boss Zinedine Zidane knows he will have to sell before he can spend big, however, and the Frenchman is hoping to ship out more players this summer in preparation.
James Rodriguez has already been sold to Everton, meaning his massive wages are also now off the books,
Sergio Reguilon could leave next with Manchester United believed to be interested in a £27m move for the left-back.
And the aim is to offload Gareth Bale as well in the very near future, with the out of favour Welshman raking in £650,000-a-week.