Real Madrid will have to pay €80m in order to sign Monaco's Colombian World Cup sensation James Rodriguez, according to reports in Spain.

Despite his side being eliminated by hosts Brazil in the quarter-finals, for some the 22-year-old playmaker has been the player of the World Cup so far, scoring six goals in five games, and becoming the first player since the 2002 finals to score in each of the first four tournament matches.

The World Cup's breakout star has been heavily linked with a move to the Santiago Bernabeu given his excellent performances. Earlier this week it was reported that Real are ready to open talks with the Ligue 1 side in order to secure Rodriguez as a replacement for Angel Di Maria, who is likely to leave Madrid as he believes the club do not value him highly enough.

Last week it was reported that Monaco valued the attacking midfielder at €75m but, according to Spanish newspaper AS, the principality club have increased the player's price to €80m (£64m) due to his superb performances in Brazil. The Ligue 1 big spenders paid around €45m (£35m) to Porto to secure his services last summer.

However, James' desire to sign for Real could force Monaco to reduce their value to €70m (£56m) having recently said: "It would be a dream to play there. It is the best league in the world. I prefer Real Madrid to Barcelona."

Moreover, the principality club are interested in some Madrid players - Fabio Coentrao, Casemiro, Alvaro Morata and Diego Lopez and that could make the operation more affordable.

However, Monaco vice-president, Vadim Vasiley, insisted they do not plan to sign a replacement for Rodriguez and Falcao, adding: "We really want to continue to have Rodriguez and I can say that we do not negotiate with any club," according to Mundo Deportivo.