The Holland international has been constantly linked to Madrid throughout the summer, but Hamburg sporting director Dietmar Beiersdorfer told Die Welt that the Spanish champions' offer "does not enter into discussion", dismissing it as derisory.

However, Real are hoping to get the 25-year-old on the cheap as he has a clause in his contract allowing him to move for just one million euros next summer. His contract in Germany expires in 2010.

Reports in Spain have suggested that Van der Vaart has already agreed terms with Real, although the player told Die Welt "that's not true".

If this bid is to be the opening salvo in Real's attempts to sign the Dutchman, matters could come to a head when the clubs meet in the Emirates Cup pre-season tournament in London next week.