Real Madrid are hoping to land Serbian duo Zoran Tosic and Adem Ljajic from under the noses of Manchester United skysports.com understands.
United have been leading the chase for the Partizan Belgrade duo, with the pair travelling to England for talks with the Old Trafford club last week.
However, Tosic returned to Partizan after failing to agree a deal with United, with the Serbian international unhappy with the terms on offer from the Premier League champions.
The news has alerted Real Madrid, who are desperate to bolster their injury-hit squad in the January transfer market.
Real have held a long-term interest in Ljajic and they are hoping to lure the highly-rated youngster to El Santiago Bernabeu.
New Real coach Juande Ramos has confirmed he is the market for a winger and left-sided wide-man Tosic could fit the bill for the Spanish giants.
Two Premier League clubs are also thought to be monitoring developments regarding Tosic and Ljajic and could move for the talented pair if their possible switches to Old Trafford continue to stall.