Calciomercato claims that Madrid are eyeing a move for Hernandez but not until next summer when his contract expires.

This is reportedly part of a tactic to get the Italian giants to lower their asking price to avoid the risk of losing for free in 2026. It is said Madrid believe a €20 million (£17m) offer may do the trick.
Hernandez has been in a contract impasse with Milan for months now, with reports suggesting he will leave this summer in order to get a transfer fee for him. The left-back has been linked with Bayern Munich and Manchester United so the France international will, seemingly, not be short of options.

Theo Hernandez previously played for Real Madrid during the 2017–2018 season, before being loaned to Real Sociedad and eventually sold to Milan in the summer of 2019.