Real Madrid have been told to slash club salaries by over £150m in time for the end of the season.
And should Everton act upon Carlo Ancelotti's admiration for midfielder Isco then the Blues could be in a strong negotiating position in the January transfer window.
La Liga have announced the salary cap on all clubs that limits the amount they can spend during the course of the season, following the winter market.
The Spanish champion's budget has been cut from £574m to £419m. Barcelona have been the hardest hit with the Nou Camp side needing to reduce costs by 40%.
Real did not sign a player in the summer window but, instead, went about trying to slash expenses and cut a deal with Everton for the permanent transfer of James Rodriguez.
And recently the Blues have been linked with holding interest in Isco, the Spanish playmaker, who worked under Ancelotti during his time as manager at the Bernabeu.
The Italian was coy when asked about the 28-year-old, simply referring to the player as "fantastic" and someone he has "fantastic" memories of.
But if the Everton boss does push the club to sign Isco - a deal touted as being potentially on loan with the obligation to buy - then the Blues may find Real once again open to negotiation.
Everton paid no transfer fee for Rodriguez in the summer but cut a deal with the Spanish giants to pay part of his remaining salary.
Isco is under contract at the Bernabeu until the summer of 2022 and, reportedly, earns £120,000-a-week
Javier Tebas, President of La Liga, told the Associated Press agency: “It’s important we all understand that it will be difficult for new players to be joining the clubs.
"They are now looking to reduce costs. Some clubs will have to sell players or reduce their salaries. There’s no other choice.”
“Clubs are doing what they have to do, this is an unusual year. This is going to affect a few more seasons, but hopefully we will be in a better situation compared to other European competitions.”
Isco has started only three of Real's league and Champions League matches so far this season.
