After having their initial offer for Gareth Bale turned down the Spanish giants are ready to enter the race with Arsenal to sign Liverpool’s Luis Suarez.

The Sunday Times s reporting that while Bale is still Madrid’s first choice with club president Florentino Perez still confident that a solution can be found in order to bring the young Welshman to the Santiago Bernabeu, the club is also ready to start negotiations with Liverpool over Suarez.

Madrid are worried that a failure to sign Bale this season will leave manager Carlo Ancelotti short of attacking power after having just sold Gonzalo Higuain to Napoli, and despite bringing in the youngsters  Isco and Asier Illarramendi they still do not have a marquee signing like Barcelona’s Neymar.

Los Blancos also feel that they would have the edge when dealing with Suarez as the striker has already said that it would be hard to say no to a club like Madrid, while at the same time Liverpool would prefer to sell him to an overseas club rather than to a Premiership rival.

Real Madrid have been in contact with the Liverpool players agent Pere Guardiola and have told him to tell his client not to make any hasty decisions as Arsenal prepare another bid to try and lure him to the Emirates.