Carlo Ancelotti was an admirer of the former Sevilla striker but was sacked by Los Blancos before he had the chance to sign the Colombia international.
AC Milan chief executive Adriano Galliani has revealed that striker Carlos Bacca would have signed for Real Madrid had Carlo Ancelotti not been sacked by the Liga club.
Bacca joined the Rossoneri from Sevilla last summer and has since scored 13 goals in 25 league appearances for the San Siro side, including the opener in Saturday's 2-1 win over Genoa.
However, he could just as easily have been wearing the white of Real Madrid had the club not chosen to sack Ancelotti, who 12 months earlier had led the Spanish side to a 10th Champions League triumph.