Real Madrid have been warned by Valencia's director general Mateu Alemany that they must pay Rodrigo Moreno's €120m (£108m/$139m) release clause if they want to sign him.
The forward has been linked with a move to the European champions, with head coach Julen Lopetegui said to be keen on a reunion with a player he knows well from his time in charge of both Spain's Under-21 and senior side.
Alemany admits there is little Valencia can do to stop a move if Rodrigo's buyout clause is met, but he is confident the 27-year-old will snub a return to the club he joined as a youngster back in 2009.