Real Madrid star Isco likely to follow Alvaro Morata out of the exit door at Santiago Bernabeu. Getty Images

Liverpool are considering a move in signing Real Madrid star Isco in the ongoing transfer window, according to

The report claims that Los Blancos are ready to listen to offers for the attacking midfielder in order to make the funds available for signing James Rodriguez from Monaco.

The reigning European champions are believed to be closing in on the Colombian international, having agreed personal terms. They are looking to clinch a £63m deal but the Ligue 1 outfit are said to be holding out for £70m.

Isco's place in the starting lineup next season has further come under threat due to the arrival of Toni Kroos from Bayern Munich. The 24-year-old German World Cup winner signed a six-year contract to complete his £24m move from the Bavarians.

Although he made 53 appearances in all competitions last season, manager Carlo Ancelotti's preference to play 4-3-3 has forced the playmaker to play away from his usual position behind the striker. This has further raised a question mark over his future at Santiago Bernabeu.

The Reds are said to be in pole position to acquire Isco's services as manager Brendan Rodgers wants quality additions to bolster his squad's depth for the upcoming campaign. The Northern Irishman has £75m to reinvest from Luis Suarez's sale to Barcelona and has set his sights on the former Malaga star.'s report also suggests that Isco is keen on playing regularly and might consider moving to Anfield. The 22-year-old, who has two caps for Vicente del Bosque's side, is unlikely to be available for cheap.

He still has four years left in his contract as he joined the La Liga giants last summer for reported £23m fee last summer.

However, the Merseyside club could face competition from the reigning Premier League champions Manchester City, who are also monitoring the player's situation.

The Citizens boss Manuel Pellegrini knows Isco very well, having coached the Spaniard for two seasons during his managerial stint with Malaga.

However, the Chilean only wants to sign his former player on loan at the Etihad while Liverpool are interested in purchasing; thus improving their chances of landing Isco this summer.