The claims may surprise Liverpool supporters, with Varane arguably among the best defenders in European football in recent years.
However, it has been claimed that he may be one of a number of Real players to face an uncertain future under Zinedine Zidane.
The new Real boss is looking to make significant changes to squad upon his return, with the Spanish giants linked with the likes of Eden Hazard and Christian Eriksen.
Mane is enjoying a brilliant run of form for the Reds in recent weeks and that has led to speculation about his future, with his performances clearly not going unnoticed.
Zidane is said to be a huge admirer of the player but it would take some offer to convince Liverpool into a sale.
Players who have played for both Real and Liverpool
Steve McManaman
McManaman left Liverpool in 1999 to join Real Madrid, where he became the first English player to win the Champions League with a non-English team.
Nicolas Anelka
The French striker did little to impress at either club in truth, playing his best football later in his career.
Michael Owen
The Ballon d’Or winner spent a season in Spain after making a name for himself at Liverpool.
Alvaro Arbeloa
The Spanish stalwart impressed during Rafa Benitez’s time at the club. He returned to Spain to join Real Madrid later in his career.
Fernando Morientes
Fernando Morientes had seen his game time at Real dwindle so he headed for Monaco on loan. After impressing with the Ligue 1 outfit he made a permanent move to Anfield but lasted just one year.
Jerzy Dudek
Liverpool’s Champions League hero in Istanbul would go on to finish his career in Spain with Real Madrid.
Xabi Alonso
Xabi Alonso impressed so much at Anfield that Real Madrid forked out €30 million to take him back to Spain, where he became a mainstay in their midfield.
Nuri Sahin
Nuri Sahin was another who simply did not play his best football at either club. Best known for his time at Borussia Dortmund with Jurgen Klopp.