Spurs have made several attempts to tie Eriksen down on a new contract but he is determined to move on and the club are now left with no option but to try to arrange a sale in January.
Having received the proposal, Los Blancos are now considering it and if Eriksen is available for that price, they believe it's best not to miss the opportunity, especially when Levy slapped down a €250m price tag when Real Madrid first approached him for the Dane.
The Denmark worldwide is in the final year of his deal with the Premier League club and free to agree terms with a new team midway through this season.
Real Madrid feel that they can buy Eriksen at €30 million in the winter, which is a huge reduction in price from the €80 million that Spurs wanted a few months ago.
The Dane, a key player at Mauricio Pochettino's Tottenham, already had the opportunity to go to Real Madrid in the last summer market because Pogba's signing by the whites did not materialise.
The French manager has Casemiro, Toni Kroos, Luka Modric, and Federico Valverde as his options in central midfield, while Isco can also fill in that role.
Denmark global Eriksen was pushing for a move to Spain, and was willing to move on from Spurs after last season's Champions League final.