The French superstar has long been touted for a move to the Bernabeu and with just a year left on his contract, and he is reportedly expected to be making the move this summer for a fee, or next summer on a free transfer. By some accounts, a deal is already in place between the two parties.
In what is proving to be one of the murkiest and astronomically expensive transfer sagas in the history of football, Mbappe has now alleged to have demanded his release and is even prepared to refuse to play for the Parisiens at all this season in a bid to wind down his contract in protest.
Al-Hilal have stepped in with their record-breaking offer - supposedly offering the France captain a one-year deal to play in the Middle East - which has been accepted, while a host of other Europen clubs, including Madrid, are interested in doing some sort of deal, most likely on loan.
Inevitably, it seems Mbappe will be plying his trade in the Spanish capital by at the very latest the 2024/25 season.
But his is not the only transfer story featuring a world-class talent in the final year of his contract.
A similar story
While unwilling to force a move away (the player is reportedly "aware of the importance of his legacy at the club"), it is clear Kane sees his future away from Spurs, with a move providing his strongest chance at winning silverware at the highest level.
Spurs chairman Daniel Levy is reluctant to sell - especially to a Premier League rival - and the strongest indications are that Bayern Munich are leading the race for his signature.
They've already offered upwards of £80 million for the player, but have signalled they are willing to continue testing the resolve of the north London club, who will no doubt be reluctant to see their prized asset leave for free next summer.
And yet, Real Madrid - as they so often have with Tottenham's star players in the past - still linger in the background here as well.
So two similar scenarios are being played out rather differently but it poses the very real possibility that Real Madrid, should they remain patient for another season, could poach both Harry Kane and Kylian Mbappe on free transfers in the same window.
The stuff of dreams - or nightmares
It is literally the stuff of Football Manager dreams - or nightmares if you're a fan of Barca or literally any other top European club.
It is not outside the realms of possibility that Real Madrid could line up with a front three of Mbappe, Kane and Vinicius Jr at the start of the 24/25 season. Which, frankly, sounds terrifying.
On paper, Real Madrid aren't exactly short on pacey, technical and devastating forwards in the mould of Mbappe. Vinicius Jr has developed into one of the best wide players in world football, while his compatriot Rodrygo isn't too far behind. They're 23 and 22 years old, respectively.
Then there's Alvaro Rodriguez, a centre forward by trade but no slouch when deployed on the left wing, or the versatile Lucas Vázquez who plays his best football on the right. While the latter is 32, his experience is useful, and Rodriguez is still only 19.
Mbappe would of course go in ahead of any of these - he's arguably the best all-round forward in the sport at this moment in time. It's also highly likely he would be Karim Benzema's heir apparent down the middle.
But his strengths are his pace and ability to beat defenders with ease, and positionally he's devastating from either wing.
What Real wants versus what Real needs
Kane, on the other hand, is exactly what Real Madrid need at this moment in time, and Los Blancos couldn't ask for a better replacement for Benzema.
An out-and-out striker by trade, with the passing range of a central midfielder, Kane - who already scores goals for fun in a weak Spurs side by comparison - would have a field day in Spain with the service of the previously mentioned wingers. Conceivably, he could be hitting Cristiano Ronaldo season-scoring figures in very little time.
Add both Mbappe and Kane into the mix and you're looking at a first-choice front three that would be unrivalled anywhere else in the world, possibly exceeding the great trios of old like Messi, Neymar, Suarez or Benzema, Bale and Cristiano Ronaldo.
Kane netted 30 goals in the Premier League last season, notching a conversion rate of 30% from 100 shots and averaging one every 113 minutes.
Mbappe was similarly impressive, netting 29 times from 112 attempts and averaging a goal every 97 minutes.
Vinicius' goal-scoring exploits are a bit more modest. The Brazilian scored 10 times in the league with Benzema carrying most of the threat last season. But he also contributed nine assists, making him a well-rounded attacking threat. His output was just as good in the Champions League, with seven goals and six assists.
Match made in heaven?
The move would make sense for both stars and Real would gladly stump up the huge wages required, it's just a matter of biding their time.
And while Mbappe may have famously chuckled at Kane's pivotal penalty miss during England's loss to France at the World Cup in Qatar, a combination of the pair wearing the colours of Real would certainly be no laughing matter for defenders around Europe.