As revealed by skysports.com, Pennant was attracting interest from La Liga and now Real have made a bid for Liverpool man as they look to bring in a new winger in the January transfer window.
New Real coach Juande Ramos has made a new right-sided winger one of his top priorites and they have been linked with a host of players including Ashley Young, Aaron Lennon and CSKA Moscow's Milos Krasic.
Real have been priced out of the move for the trio and now they have turned their attentions to forgotten Liverpool man Pennant.
Pennant has made just four appearances for Liverpool this season and it appears he does not figure in Rafa Benitez's long-term plans.
The former Birmingham and Arsenal ace is out of contract in the summer and he could agree a pre-contract with any interested continental sides next month.
Real are now hoping to do a deal with Liverpool to bring Pennant to El Santiago Bernabeu when the transfer window reopens.
Liverpool could be willing to cash-in on Pennant next month rather than risk losing the 25-year-old for nothing at the end of the season.
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