Both players are currently sidelined with ACL injuries, contributing to serious selection problems for manager Carlo Ancelotti.
The Real Madrid manager has had to experiment often with players out of position and inexperienced academy graduates, due to the lack of senior options available at centre-back.
Aurelien Tchouameni has spent a lot of time playing as a centre-back over the past year, while Ancelotti had to hand Raul Asencio just his third senior start away to Liverpool in the Champions League last month.
Alaba is set to return in January, but for the time being, Antonio Rudiger is the only recognised centre-back at Ancelotti's disposal.
Real Madrid to offload Alaba and Militao?
Spanish outlet DefensaCentral claim that the club are willing to let both players leave next summer, due to the injury problems that are currently bogging them down.
Alaba has spent over a year on the sidelines and turns 33 next summer, but getting his wages off the bill could free up space to bring in a young, healthy replacement.
Whether Alaba will come back as the same player he was before his very lengthy layoff is still unknown, but the Los Blancos faithful will be delighted to see him out on the pitch again if he does return as expected in mid-January.
Militao is still only 26, but an ACL tear ended his season at the start of November, and he is a player who also missed a large chunk of the last campaign due to injury too.
The Brazilian is under contract until 2028 and in the prime of his career, so should still demand a lofty transfer fee, given that he has proven what he is capable of when fit, with three La Liga titles and two Champions Leagues on his record.
Alaba meanwhile, only has another 18 months on his deal, and with a poor injury record, it will be tough to bring in any money for the former Bayern Munich man.
How would Real replace the defensive duo?
Letting two of your three senior central defenders leave in one window would certainly be a risk, even if they have both missed lengthy periods with injury.
Real Madrid were believed to be one of the clubs who were heavily interested in signing Leny Yoro over the summer before his Manchester United move, but that could open the door for them to pursue another target.
Lisandro Martinez is another name that has been mentioned, and with an array of outgoings expected at Old Trafford under new manager Ruben Amorim, the Argentinian appears a realistic target for the La Liga champions.
Much will also depend on who is in the dugout next season, with rumours that Ancelotti could be replaced by Xabi Alonso, who may have specific targets of his own in the market.
Written by
Andrew Delaney