That is according to Mundo Deportivo, who claim the stunning transfer is ‘perfectly planned’.
Real Madrid president Florentino Perez has a long-standing interest in Neymar, having attempted to sign the Brazil superstar from Santos in 2013 before he moved to Barcelona.
Neymar joined PSG from Barcelona for world-record fee worth £200million last summer.
The 26-year-old has scored 28 goals in 27 appearances while chipping in with 16 assists.
But Mundo Deportivo claim he is already plotting a return to La Liga by signing for Real Madrid.
It is claimed Neymar believes he has a better chance of winning the Ballon d’Or while playing for the Bernabeu club.
The speculation over Neymar’s future has ramped up this week ahead of Real Madrid’s Champions League last-16 clash against PSG tonight (7.45pm).
Real Madrid left-back Marcelo fuelled the rumours by speaking out about his Brazil team-mate.
“Madrid fans like good players,” he said. “Any fan would like to have Neymar in their team.”
PSG defender and Brazil team-mate Marquinhos believes the speculation will not affect Neymar when the two sides face off.
“I don’t see him as being destabilised,” Marquinhos said. “He knows very well how to control his emotions. He handles the pressure and responds on the field
“He is a great person with a great entourage. We leave him to do his job on the field.
“He came to Paris to do great things and the match is a chance for him.”
Neymar is under contract with PSG until 2022 so it would likely take another world-record fee to bring him back to Spain.
Reports suggest Real Madrid could flog a number of their biggest names including Cristiano Ronaldo and Gareth Bale to fund a move for the Samba sensation.