The Brazilian international only joined Spurs over the summer as a part of Andre Villas-Boas’ £100m revolution, and has made a solid start to life in London.
Real were keen on Paulinho prior to his move to White Hart Lane, but were unable to beat their Premier League rivals to his signature.
But, the Spaniards are ready to launch a fresh move for the 25-year-old this January.
Real coach Carlo Ancelotti sees the South American as the ideal long-term partner for Asier Illarramendi – who has been compared to Xabi Alonso.
Paulinho’s combative skills and energy are seen as the ideal complement to the classy playmaker, who is expected to be one of the club’s top stars fin the future.
Tottenham paid £17m for the midfielder, and it is likely that chairman Daniel Levy – a shrewd negotiator – will hold out for a significant profit if Real do make a move.
Spurs have a partnership with the Madrid side, which may come into play.
Paulinho has made nine starts this season, netting three goals in the process.
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