Asensio has failed to nail down a regular starting place at the Bernabeu and will likely struggle even more for playing time if Los Blancos turn their eyes to Fekir, as has been suggested by Lyon president Jean-Michel Aulas this weekend.
Fekir is now with the France squad in Russian Federation for the World Cup and his agent has indicated that the Reds could make a fresh move for the player after the end of the summer tournament.
Whether Aulas is serious with his comments or merely attempting to drive up the price should Lyon once more consider selling later this summer remains to be seen. He was very calm. I've said it before, we don't need to sell. "I hope he will stay, but if he absolutely wants to leave, we will try to find him the biggest club".
Sky Sports News reporter Graves believes Liverpool FC could still raid Ligue 1 again to sign Fekir before deadline day. We have the capacity to keep Fékir.
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A number of clubs from the continent are also interested in the former Bayern Munich and Inter Milan wide-man, but he has admitted he would prefer to stay in the Premier League.
Asensio has the world at his feet at 22, having become a key part of the Real Madrid first-team setup over the last couple of seasons.
As noted by Anderson, it's been reported that Liverpool were close to getting a deal done for Fekir, although the move was scuppered due to concerns over a serious knee injury picked up earlier in his career.
A report from Mundo Deportivo, via Sport Witness, claims that Liverpool have offered an incredible €180 million (£158 million) for the young Spaniard. It's why, if a transfer can be revived, you'd expect Fekir to seize the chance of a fresh challenge elsewhere.