The Spanish side sold strikers Gonzalo Higuain and Jose Callejon to Napoli this summer, leaving just Karim Benzema and youngster Alvaro Morata as recognised centre-forwards.
Although star man Cristiano Ronaldo can play through the middle, manager Carlo Ancelotti is keen to reinvest the money received from the deadline day sale of Mesut Ozil to Arsenal.
Targets: Marca claim that Real Madrid will target Suarez or Falcao in January
Unhappy: Suarez hoped to leave Liverpool during the summer transfer window
New boy: Falcao only joined Monaco in May but has already been linked with a move away
Falcao has long been linked with a move to Real but opted to join big-spenders Monaco earlier this summer, along with a host of Europe's top players including James Rodriguez, Joao Moutinho, Eric Abidal and Geoffrey Kondogbia.
Soon after moving to the French Riviera, the former Atletico Madrid striker was reportedly offered around Europe's biggest clubs after troubles regarding Monaco's tax laws, but a move failed to materialise.
Suarez was the subject of interest from Los Blancos earlier this summer but Marca claim the club lost interest in him when they realised a move for Tottenham's Gareth Bale was a realistic option.
Big spenders: Florentino Perez presents Bale after signing him for a world record fee
Pressure: Benzema is Madrid's only recognised senior striker
The Uruguayan was keen to quit the Merseyside club for a move to the Spanish capital but Brendan Rodgers and the club's owners rejected all interest in their star player, including a bid of over £40m from Arsenal.
Real president Florentino Perez is ready to spend the £42m received for Ozil on one of the two strikers in January, with Ancelotti lacking confidence in Benzema and Morata over the long season ahead.
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