Carlo Ancelotti's side have made an early play for the La Liga title during a strong start to the 2023-24 season, sitting second in the table behind shock leaders Girona.
Los Blancos have also sealed a Champions League knockout berth with two games to spare, thanks in no small part to the exceptional form of Jude Bellingham since the midfielder's £88.5m arrival from Borussia Dortmund.
Joselu, Arda Guler, Fran Garcia and Kepa Arrizabalaga also reinforced the Real ranks over the summer, while Rodrygo, Vinicius Junior, Federico Valverde and Eduardo Camavinga have all extended their contracts.
However, Real did not sign a direct replacement for Al-Ittihad-bound Karim Benzema, only capturing Joselu on loan from Espanyol, and the veteran Spaniard will not be a long-term solution in the final third.
After trying and failing to sign Kylian Mbappe from Paris Saint-Germain for the past two years, Real were seemingly on course to bring the Frenchman to the club on a free transfer in 2024, but it has been claimed that the club have now dropped their interest in the 24-year-old once and for all.
Instead, Sport suggests that the La Liga giants could instead spread their warchest around on three different Leverkusen players, having been convinced to dip into the Bundesliga market again following Bellingham's brilliant start.
Much-coveted playmaker Wirtz is believed to be on Los Blancos' radar, having played a fundamental role in Leverkusen's early-season exploits with six goals and 10 assists in 17 matches.
The 20-year-old now has 29 goals and 40 assists to show from 120 matches in a Leverkusen jersey, and he penned a new long-term deal with Xabi Alonso's side until 2027 last year.
Real could therefore be forced to break the bank to sign Wirtz, who has also been linked with moves to Bayern Munich, Barcelona, Liverpool and Manchester City, but Leverkusen director Simon Rolfes has insisted that the Germany international will not be leaving in January.
Amid their striker conundrum, Real Madrid are said to have identified Boniface as a potential successor to Benzema, as the 22-year-old Nigerian has hit the ground running in Germany.
Since departing Union SG in the summer, Boniface has come up with 11 goals and six assists in 16 matches for Leverkusen, who sit at the summit of the Bundesliga table with 31 points from their opening 11 matches.
Finally, right-back Frimpong - who has been tipped to move on for some time - could arrive at the Bernabeu as a long-term replacement for ex-Leverkusen man Dani Carvajal, who turns 32 next year and has struggled with injuries over the past couple of seasons.
Frimpong has scored five goals and set up seven more in 16 games from a wing-back role this season, but he only extended his contract until the end of the 2027-28 season last month.
Manchester United have been credited with an interest in the Dutchman for some time, but the Red Devils have supposedly turned their attention to Paris Saint-Germain's Nordi Mukiele following Frimpong's contract renewal.