Milos Krasic will not be allowed to leave CSKA Moscow for less than €20million (£18.9million), according to the club's sporting director.
Krasic has been linked with the likes of Portsmouth and Manchester United, but the Serbian's agent has indicated that Real Madrid is his preferred destination.
In October, the 24-year-old denied that he was set to leave Luzhniki Stadium at the end of the Russian season, however reports of an exit have continued to surface.
CSKA sporting director Roman Babajev said in Marca: "Either a team comes in and offers €20m or you are not leaving."
Krasic's agent, Dejan Joksimovic, added: "CSKA wants to hike the price as much as possible, but Krasic wants to join Real Madrid."