Transfer report: Arsenal, Manchester City and Manchester United on alert as Real Madrid set to put duo up for sale

Real Madrid are apparently ready to listen to offers for James Rodriguez and Isco - putting Arsenal, Manchester City and Manchester United on red alert.

Real are said to be disappointed with the pair's form this season as Los Blancos have fallen 12 points behind Barcelona in La Liga.

Isco has managed just three goals in 29 appearances this season, while James hasn't fared much better, having found the target just twice since the turn of the year.

According to AS, Real's directors are now ready to put the pair up for sale this summer as Zinedine Zidane plans a revamp of his squad to try and close the gap on Barcelona.

Arsenal and City have both tried to sign Isco in the past and would be interested in reigniting their pursuits in the summer.

Meanwhile, United made attempts to land James before he signed for Real from Monaco in 2014 and are confident they can lure the Colombian star with a big-money offer at the end of the season.