Harry Kane is considered by Tottenham to be more valuable than the world's most expensive player.
With Real Madrid circling, chairman Daniel Levy would want to see an offer of more than £200million before he would consider selling his striker, according to a report in The Times.
Paris Saint-Germain posted a new world record in the summer when they paid Barcelona £189m for Neymar.
Madrid are believed to be sizing up a move for Kane next year after two free-scoring seasons at Spurs and another goal-laden start to the current campaign.