Both Isco and Eriksen, who are regarded as being among the world's best midfielders, have fallen out of favour at their respective clubs this season, and have been linked with exits in the upcoming January transfer window as a result.
With speculation surrounding the duo's future mounting, Sky Germany has now claimed that Los Blancos and the Nerazzurri are considering a swap deal that would see the Spaniard move to Italy, with the Dane heading in the opposite direction.
Zlatan Ibrahimovic for Samuel Eto’o + £35m and Alexander Hleb on loan (Inter - FC Barcelona)
Francesco Coco for Clarence Seedorf (Inter - AC Milan)
William Gallas for Ashley Cole + £5m (Arsenal - Chelsea)
Ricardo Quaresma for Deco (FC Barcelona - FC Porto)
Luis Garcia and £27m for Fernando Torres (Atletico Madrid - Liverpool)
David Luiz for Nemanja Matic + £20m (Chelsea - Benfica)
Henrikh Mkhitaryan for Alexis Sanchez (Arsenal - Manchester United)
Roberto Carlos + £1m for Ivan Zamorano (Inter - Real Madrid)
Ian Wright for some weights (Crystal Palace - Greenwich Borough)
Jose Antonio Reyes for Julio Baptista (Arsenal - Real Madrid)
Scroll through the gallery to see 10 of the biggest swap deals in football history >>>
It is reported that the proposed deal would be a straight, player-for-player deal, although Real are said to be holding out for a co-payment for Isco, who currently carries a higher market value than Eriksen.