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According to Calciomercato.it, Real Madrid have offered Peruvian winger, and current Fiorentina frontman, Juan Manuel Vargas a "five-year contract worth €3.5 million-per-season" in an attempt to seize the much sought-after playmaker out of the clutches of Juventus. The idea, according to Goal.com, which reported the story in English, is to "show the winger what he stands to make with Real Madrid" (my paraphrase).
If this is true (strong if), then Madrid would have to pay Fiorentina around €10-15 million for the 27 year-old's services. It would be an odd move, considering los blancos' plethora of wing-mid options, but perhaps not a completely inconceivable one: Mourinho has stated in the past couple of days that he wants more attacking options.
Whatever happens, we'll keep you updated. While the sources aren't entirely credible yet (I've only see it on Calciomarcato, and really on Goal.com--because I can't totally read Italian), I wouldn't completely discount this rumor, as it seems a lot more credible than "Tévez to Real Madrid for Benzema and €28 million!!!!".