Paris Saint-Germain have reportedly told Real Madrid that they would need to pay £188m if they wish to sign Kylian Mbappe this summer.

The French club's sporting director Leonardo has confirmed that the 22-year-old – who has less than a year left on his contract – wants to leave the club, with a move to the Spanish capital believed to be his preferred destination.

Real Madrid are understood to have made a formal bid worth £137m for Mbappe on Tuesday, which has since been rejected by PSG.

Leonardo, who has branded the La Liga club's approach for the player as "incorrect" and "illegal", will not stand in Mbappe's way if he wishes to leave, but has stated the forward can only depart if their valuation is met.

According to Le Parisien, PSG are demanding that Real pay £188m for Mbappe, a deal that, if completed, would become the second most expensive transfer of all time, after Neymar's £198m move from Barcelona to the French club in 2017.

With PSG at risk of losing the Frenchman for free next summer, they are resigned to the fact that they will need to sell him before the 11pm deadline on August 31, if they cannot tie him down to a new deal.