The 27-year-old wants to leave North London for the Spanish capital, but Spurs chairman Daniel Levy is holding out for £100 million – a price Madrid have baulked at.
However, Zinedine Zidane’s side believes adding Spain youth international Ceballos could tempt Tottenham into letting Eriksen move the other way.
The 22-year-old is out-of-favour at Madrid but could prove to be a quality and top player under manager Mauricio Pochettino given his huge potential and talents.
The Denmark international has just a year left on his current contract, and Spurs risk losing him for free next summer.
It remains to be seen if the player-plus-cash deal benefits all parties involved, but Tottenham aren’t too excited to let Eriksen leave given his importance to the squad and quality.
Nevertheless, Pochettino won’t love to hold on to the player against his wishes, and there could be an interesting transfer saga ahead of us.