Liverpool boss Rafa Benitez has admitted that his club will consider offers for Spanish full-back Alvaro Arbeloa.
The 26-year-old has been with the Reds since January 2007, but is rumoured to be attracting interest from former club Real Madrid.
Benitez told the Daily Echo: "Alvaro Arbeloa has had a very good season, but he has one year left on his contract.
"If he signs that will be good because we will have more competition, but if we get a good offer we will have to consider it."
Real's sporting director, Jorge Valdano, added in AS: "It's true that the kid only has a year left on his contract at Liverpool and this offers more possibilities.
"He plays at number two and at three and this versatility is good. We know him well and he is another option to weigh up."
Valdano also admitted that the Spanish giants had not totally given up on signing Arbeloa's team-mate, midfielder Xabi Alonso.
"There we have possibilities, but I don't want to say anything that will make negotiations difficult," Valdano stated. "We will wait for the right time.
"What I'm sure about is that Liverpool and Real Madrid are above personal relationships. Benitez was here and has kept friendships with employees of the club."