According to Spanish Cadena COPE, Real Madrid will not pay Gayà's buyout clause to sign the left back away from Valencia CF.
This same report indicates that Real Madrid will try to reach an agreement with Valencia CF, something that seems highly unlikely considering how hostile Valencia's fanbase is whenever Los Blancos try to sign any of their players. No matter what Gayà does about his contract extension with Valencia. If Real Madrid are trying to peacefully sign him from Valencia, they will most probably fail.
Furthermore, COPE reports that Real Madrid will not try to sign Paul Pogba, who was told to be under Real's radar for the last two years.
It should be noted that COPE was the first major outlet to break Real's interest in signing Gayà.