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The 21-year-old forward is wanted by Barcelona as well but Florentino Perez wants to get a head start over their rivals.
Both clubs have to address their attacking lineup in the upcoming summer mostly due to their lack of backup options. Barcelona recently bid farewell to Paco Alcacer and Munir El Haddadi while Luis Suarez turned 32 this past month.
Madrid’s struggles this campaign has been pretty obvious after the departure of Cristiano Ronaldo. Karim Benzema has held his own with 18 goals and 7 assists in 37 appearances but the club still needs more quality in the final third.
Gareth Bale cannot be counted upon to deliver on a regular basis mostly due to his close relationship with injury.
Jovic has been in blistering form this season, netting the ball 14 times in 19 Bundesliga appearances. He is currently on a two-season loan spell away from Benfica which is due to end next June.
Frankfurt do have an option to sign him permanently for €8m next summer which they will look to exercise. They could bargain out a higher fee with both La Liga outfits expressing interest in Jovic.