Reports in Spain have claimed that Real Madrid did secure an option on Steven Gerrard as part of the deal for Fernando Morientes.
Spanish sports newspaper Marca insists that Real have a verbal agreement in place with The Reds that would allow them first refusal on Gerrard should he ever leave Anfield.
Liverpool vehemently denied any suggestion of such a pact during their chase for Morientes, and continue to dismiss the possibility of the England ace departing.
However, Marca are adamant that the two clubs have reached an agreement, but have suggested that Liverpool refused to put anything in writing for fear of a backlash from fans, and the message it might send out.
Gerrard came close to leaving Liverpool last summer when Chelsea prepared a multi-million pound bid to lure the 24-year-old from Merseyside.
With Jose Mourinho a confirmed admirer of the midfielder's talents, The Blues are certain to be in the race for his signature should he become available.
However, Marca are convinced that Real will now be in the box-seat if that scenario should arise, although confirmation of any agreement between the two clubs is highly unlikely.