Mbappe is widely expected to join Madrid on a free transfer at the end of the season when his contract at PSG expires.
However, twice in recent years Mbappe had been expected to join Madrid only for him to perform a u-turn at the final hour and remain put.
If that were to happen again in 2024, then, according to AS, Madrid would turn to Haaland.
Haaland is in his second year at Man City but it is widely accepted that he will not stay at the Etihad for the long term.
His agent Rafaela Pimenta has admitted that Haaland sees a future move to Madrid as something of a dream.
“There is the Premier League, and there is Real Madrid, and Real Madrid has something of its own that makes it the dreamland for the players,” Pimenta said.
“Madrid keeps this magic going. It doesn’t have the league competition but it does have the Champions League.
“In my agency, we try to make a plan. We have to make a plan. We need to have a goal. Maybe we won’t achieve it but if we don’t know where we’re going, for sure we don’t get there.”
Haaland has a release clause that comes into effect in the summer of 2024 that is worth €200 million.
According to The Athletic, that release clause is only valid for clubs outside of the Premier League.
It is also reported that the release clause will decrease each year after it is activated in 2024.
Haaland reportedly has a second minimum fee release clause that will be activated in the summer of 2025 that stands at €175m. It will then decrease again in 2026.
Madrid announced last week that manager Carlo Ancelotti had signed a new contract at the club until 2026.