The Frenchman has earned a number of starts for the La Liga champions this campaign and showed how good he is in the Copa del Rey semi-final against Barcelona, scoring in the 1-1 draw.
Unsurprisingly, this performance has caught the attention of some of the richest clubs in Europe, with Paris Saint Germain and City both keen on the 19-year-old.
However, it looks as though the English Premier League outfit might be leading the way at the moment and Roberto Mancini does want to add to his back four in the summer.
If Varane was to join, then Joleon Lescott might be allowed to leave the club and search for first-team football elsewhere.
The defender might weigh up his options in the coming months though and if he wants to stay at Real, then it is likely he will as they are not in a position where they need to sell.
It is certainly a story to keep an eye on in the next few months.