Will Real Madrid land either Neymar or Kylian Mbappe?

Real Madrid have been keen to sign both Neymar and Kylian Mbappe for some time.

Los Blancos have long been linked with both of Paris Saint-Germain’s attacking stars, both Ballon d'Or candidates.

President Florentino Perez has been keen to take Neymar back to Spain after his world record switch from Barcelona to PSG 12 months ago.

But Mbappe’s star continues to rise, after a shining in France’s World Cup win, and he has been monitored by the European giants since his early teens.

He has begun the new season in scintillating fashion, scoring twice after coming off the bench to hand PSG a 3-1 win at Guingamp in his first match back last weekend - a match in which Neymar also scored.

Now, before the close of the Spanish transfer window next week, Perez is waiting to pounce if PSG are forced into a decision over their two prized assets.

That Madrid are yet to replace Cristiano Ronaldo isn't a mere coincidence.

According to Sport, the 13-time European Cup winners have put aside £270million to move for either player next week, if UEFA punish PSG over Financial Fair Play.

Madrid boss Julen Lopetegui is keen on Spain striker Rodrigo from Valencia, but Perez is yet to pull the trigger as he's unconvinced and remains hopeful on landing one of the marquee pair. Iago Aspas, the ex-Liverpool striker, is another name in the frame.

UEFA reopened its investigation into PSG in July, just a month after it had closed the case.

"In light of the recent decision of the Club Financial Control Body chief investigator to close the investigation into Paris Saint-Germain – which commenced on 1 September 2017 – the chairman of the CFCB has decided to send this decision for review by the adjudicatory chamber."

The French champions spent £200million to sign Neymar last year, and have similarly spent £166million to turn Mbappe’s loan move from Monaco permanent this summer, although when that fee is to be paid and how remains in question.

European football's governing body did so at the behest of La Liga chief Javier Tebas, who told AS on Wednesday: “It’s true that at the start of the summer, we asked Uefa to reopen the investigation into PSG.”

Tebas, who last week announced a deal to see at least one La Liga match per season played in the United States or Canada, as he seeks to further monetize the league, has been outspoken on what he perceives as clubs 'financially doping' in the past, notably the French side and Manchester City.

The investigation is designed to see both whether PSG are guilty of doing just that - effectively by paying for Neymar and Mbappe with money directly from Qatar rather than club revenues - and how much PSG need to balance the books.

If PSG cannot prove the value of their sponsorship deals and that outside money wasn't used to sign either star, and are subsequently sanctioned then they will face stiff sanctions.

UEFA cannot ban PSG from buying players but, according to AS, they could block payments to Monaco and thus send the Bondy-born teen back to Monaco. That would allow Perez to pounce.

However, Mbappe recently told reporters: "I will stay with PSG, continuing on my path with them. I am at the beginning of my career."

Alternatively, they could instead sell Neymar for in excess of what they paid 12 months ago; again Perez would be waiting.

Such a move would have been deemed impossible by PSG chiefs earlier this year, but Mbappe's continued growth has increasingly led to questions over whether it is he rather than the Brazilian who is now most important at the Parc des Princes.

Indeed, from Neymar's perspective, a move back to Spain certainly appeals. There is no smoke without fire, whatever the official line, and Brazilian broadcasters have also decided against buying Ligue 1 TV rights, such is the feeling in his homeland that a move to Madrid is in the offing.

With UEFA set to rule on August 30, Madrid chiefs would have until the end of August 31 to potentially land a world record deal.

For Perez, the man who brought in the 'Galacticos' era at the Bernabeu, it could be his most daring raid yet.

If PSG aren't forced to part with either Mbappe or Neymar, then ex-Bolton loanee Rodrigo or former Liverpool flop Aspas, who has restored his reputation back in Spain, could be the big winner.