Real Madrid will launch a bid for Manchester United and Arsenal target William Carvalho if Asier Illarramendi decides to leave the Santiago Bernabeu this summer.

Rafa Benitez is said to be weighing up a move for the Portugal international in order to bolster his midfield options ahead of the new season.

Madrid are interested in signing the 23-year-old but, according to reports in Spain, are not willing to meet the Sporting Lisbon man's £32million release clause.

Real Madrid are interested in signing Portugal international William Carvalho during the transfer window

Carvalho shone at the European Under 21 Championship despite missing the decisive spot-kick in the final

Interest in Carvalho would have risen following his impressive displays for Portugal at the European Under 21 Championship in the Czech Republic this summer.

Carvalho was named the player of the tournament for helping his side progress to the final.

Portugal's campaign ended in heartbreak as they lost on penalties against Sweden with the deep-lying playmaker missing the decisive spot-kick.

Both Manchester United and Arsenal, who have been continuously linked with the central midfielder during the last few seasons, were among 122 sides who sent scouts to the tournament to keep tabs on prospective transfer targets.

Illarramendi, on the other hand, has been linked with a £16m switch to Liverpool but will not be allowed to leave until Benitez assesses his squad.

Real Madrid boss Rafa Benitez will assess his squad before making a decision over Asier Illarramendi's future