Yan Diomande has signed in a deal that could rise to €140 million. Vinicius Junior is closing in on a new long-term contract. The squad has already been transformed with the arrivals of Bernardo Silva, Marc Cucurella, Denzel Dumfries, Ibrahima Konate and Carlos Espi.
But as the summer enters a decisive phase, one final objective towers above the rest.
Can they sign Rodri?
The Manchester City midfielder is the last piece Mourinho wants to complete his new-look Madrid, yet a fresh twist has raised the stakes. Barcelona have emerged as surprise contenders, threatening to hijack a transfer that Madrid believe will define their rebuild.
Inside the Bernabeu, there remains hope. They have no intention of simply letting their biggest rival land the player they see as the missing piece.
Madrid club sources remain convinced Rodri wants to join them, and there is even some scepticism over Barcelona’s sudden emergence.
There is a question over whether Barcelona have the resources to realistically finance a deal of this magnitude, especially at a time when they are also pursuing a mega-deal for Julian Alvarez.
Part of Madrid's confidence stems from the fact the Spain World Cup winner has done little to put them off. He has repeatedly spoken about his desire to return to Spanish football one day, while openly acknowledging the pull of Real Madrid.
“When Real Madrid, the best club in history, comes calling, it is an honour,” Rodri said after winning the Ballon d’Or in 2024.
Since then, he has again admitted that a return to Spain appeals to him - and insisted his Atletico Madrid background would not prevent him joining Real Madrid if the opportunity arose.
In the Bernabeu corridors of power, such comments strengthened conviction that they remain his preferred destination.
The complication is now that Barcelona would pose a genuine dilemma for Rodri, if they truly can afford to sign him. They see him as a natural fit for Hansi Flick's tactical approach, and the player could indeed thrive in their possession-based style.
Man City are already aware of the fact he would like a transfer this summer. We understand that Rodri has intimated to his current club that he is ready for a new challenge.
But at a time when he seemed Madrid bound, could he divert to Barcelona instead?
The value of any deal will play a part.
With Rodri now entering the final year of his contract, Madrid have been reluctant to go beyond a valuation of around €50-60 million. It would seem likely that Barcelona hold a similar belief.
City, however, may demand significantly more - despite the contractual situation.
Since Rodri has returned from the World Cup and recently undergone minor back surgery, Madrid have remained calm. But now that Barcelona are being mentioned, they will have to gauge just how much the situation is changing.
The Catalan giants have established contact with both representatives and Manchester City, so this is no longer a straightforward Madrid pursuit.
Inside the Bernabeu, Mourinho sees Rodri as a final component of his rebuild - the midfielder capable of controlling games and anchoring Madrid’s next great side. Losing him would not only deny Madrid the player they most want, but hand Barcelona a significant symbolic victory in one of the defining transfer battles of the summer.
The coming days could shape how the rest of Madrid’s window is remembered.