Real Madrid have tabled an €80m offer to Benfica for Joao Felix.

AS says the proposal is for cash up front, with a further €40m in bonuses due based on appearances and success.

However, the bid has been rejected as four other clubs have met Benfica's straight €120m valuation.

Manchester United and Manchester City have also made offers, though it hasn't been confirmed whether either has matched Benfica's assessment.

Felix, 19, is regarded as the best young talent to emerge from Portugal since Juventus star Cristiano Ronaldo.

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