Madrid have tracked the England international over the past two seasons and are convinced of his long-term potential, with the 22-year-old viewed as a player capable of developing into a leading figure at the very highest level.
Wharton is understood to be open to the idea of moving to Spain, where his composure in possession, tactical intelligence and ability to dictate the tempo of games could make him very well suited to La Liga.
However, the timing of any potential move would be important. Wharton has major ambitions and could consider leaving Palace after this season, but his next contract will represent a significant decision at a crucial stage of his development.
He is looking to strengthen his position in the England set-up ahead of the 2028 European Championship and regular football and a clear role in a club's plans will therefore carry considerable weight alongside the prestige of any potential destination.
Real Madrid's own circumstances could complicate matters. The club have been searching for a new central midfielder. They have sought replacements for Toni Kroos and Luka Modric, but have yet to find a solution that fully addresses the void left by the midfield pair.
Their failure to secure Rodri in the summer has added to that challenge, with Madrid struggling to establish control in games during the opening weeks of the La Liga season.
Yet the footballing landscape is only one part of the equation for Wharton. The atmosphere around Madrid has become a talking point amid tensions involving some of the club's biggest names and the demands placed on Jose Mourinho.
For a player entering what should be the defining years of his career, the identity of the manager and the stability of the project matters as much as the club's stature.
Madrid's interest is genuine, but Wharton is unlikely to make his decision based on reputation alone.
Dean Jones has been a transfer news and football insider for Flashscore since 2025, as well as a journalist for leading UK newspapers and websites over the past 20 years, establishing himself as an authoritative and trusted voice in the industry.
