Real Madrid has serious interest in Rayan, and a deal for him will likely require a minimum investment of €30m. This figure is expected to increase if he continues his pace of development. ESPN reported that Crystal Palace is the most recent club interested in signing Rayan. The report also indicated that the club has made initial exploratory contact with the player and is now evaluating whether to submit an official offer.

Real Madrid are preparing a €50 million bid for Vasco da Gama's 19-year-old Brazilian forward Rayan in an effort to sign him ahead of Chelsea. The club has been tracking the Brazil U20 international, who has 11 caps and 2 goals for the side, for several months and now intends to accelerate talks, as other clubs including Arsenal, Barcelona, and Inter Milan are also monitoring the player. Xabi Alonso's side are the leading contenders to complete a deal for Rayan next year. Real Madrid's pursuit is intensified by their failure to sign Estevao Willian, who they lost to Chelsea, and they are eager to avoid a similar outcome with Rayan. The winger joined Vasco da Gama in July 2023 and has a contract until the end of 2028. According to Transfermarkt, his current market value is €25.00m.