According to Sport Mediaset in Italy, Real see Juventus forward Dybala as a player who can strengthen their attack after a second successive Champions League last-16 exit.
Real, it claims, are so keen to land a player they feel can have a galvanising effect on the club that they could offer Isco or Toni Kroos as part of the deal. The former is valued at around €60m and the latter at €50m.
Dybala has not always been settled in Turin and was courted by Premier League duo Tottenham and Manchester United last summer before a move collapsed.
Such turmoil did not affect the Argentina international, who chipped in with 17 goals in all competitions as Juventus bagged the Serie A title this season.
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Expert View: Dybala the man to build around at Juventus
"In a moment of rebuilding like this, with Andrea Pirlo as new coach, it's unlikely that Juventus will accept any offer for Paulo Dybala. With Cristiano Ronaldo the strong point of the Bianconeri squad, Dybala is one of the two brightest stars.
"Capable of extraordinary goals, Dybala will be the main point to rebuild around at Juventus for many years. The news about Florentino Perez's offer has come also in Italy but it's known that we speak about the Real Madrid side of things. Juventus will not accept, not for €100m, even with Kroos or Isco as counterparts."