Real Madrid want to slap a €350m (£310m) release clause in the contract of starlet Marco Asensio as they prepare to announce a new deal to tie him down long-term.

The former Mallorca winger has exploded into the first-team picture at the Bernabeu this season after impressing on loan at Espanyol in 2015/16, and Madrid have agreement with the player over the majority of a new contract.

Asensio's new deal will see his contract extended for just one more year, from 2022 to 2023, but hands him an extra salary increase - his second in a year.

But the key part for the club will be the increase in his release clause, which they are hoping to peg at €350m.

That would make Asensio one of the squad's most valuable players, boasting a release clause of over double the club captain, Sergio Ramos, but still behind Gareth Bale (€500m) and, of course, Cristiano Ronaldo (€1bn).

Liverpool made a bid of £50m for Asensio in the January window but were laughed off by Madrid, who see Asensio as the future face of the club.

Real Madrid's route to Champions League winners Show all 13 1 /13 Real Madrid's route to Champions League winners Real Madrid's route to Champions League winners Real Madrid 2 Sporting Lisbon 1 – Group stage, 14/9/16 MADRID, SPAIN - SEPTEMBER 14: Cristiano Ronaldo of Real Madrid CF celebrates scoring their opening goal during the UEFA Champions League group stage match between Real Madrid CF and Sporting Clube de Portugal at Santiago Bernabeu stadium on September 14, 2016 in Madrid, Spain. 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Indeed, should Cristiano Ronaldo - as expected - decide to reverse his "irreversible" decision to leave the Spanish capital then he is expected to play another couple of season in Madrid. Asensio, 23 by that point, would be perfectly positioned to succeed Ronaldo as the club's biggest star, though he may have some competition should Madrid sign top target Kylian Mbappé from Monaco.

The French forward is considered one of the world's best young players and Madrid have made strong moves to acquire him already his month.