Real Madrid still hold hopes of prising Liverpool midfielder Xabi Alonso away from Anfield, according to club director general Jorge Valdano.
The Spain international has been the subject of intense interest from the free-spending Primera Division side this summer but the midfielder stressed last week that he was happy in England.
However, Alonso's statements have not ended Madrid's interest in the £20million-rated midfielder - a £10.5m buy from Real Sociedad in 2004.
The 27-year-old came close to a switch to Juventus last summer as Reds boss Rafa Benitez attempted to fund a move for then Aston Villa's Gareth Barry.
Neither move materialised and Barry has now joined Manchester City after Alonso proved his worth to Liverpool with a string of impressive displays last season.
Bankrolled by re-elected club president Florentino Perez, Madrid look set to be Europe's biggest spenders this summer and Valdano admits they still have eyes for Alonso.
"We have possibilities there but I don't want to say anything that will make the negotiation more difficult. We will wait a reasonable amount of time," he told Spanish newspaper AS.
Alonso isn't the only Liverpool player on Madrid's radar as full-back Alvaro Arbeloa's performances haven't gone unnoticed by the Spanish giants.
The Spain international's future is up in the air with the arrival of right-back Glen Johnson set to be processed this week, and Madrid are keen should Arbeloa become available.
"The lad only has a year left on his contract with Liverpool and this gives us more possibilities," added Valdano.
"He can play in two or three positions and this versatility is good. He is another option to evaluate."