Theo Hernandez has already agreed to join Real Madrid this summer for around £23m.
Atletico Madrid were desperate not to sell the 19-year-old left-back but a deal has been done and an announcement is expected imminently.
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And he could be joined at Real by his brother Lucas, 21, according to Spanish newspaper Marca.
Real president Florentino Perez has tried to sign centre-back Lucas before only for Atletico to knock back his advances.
A bid was rejected by Atletico – despite Zinedine Zidane’s side meeting his release clause in the region of £35m.
But Marca report Real are still keen to get a move done to reunited the brothers on the other side of the Spanish capital.
Atletico will likely be desperate to keep hold of Lucas, who impressed in a number of big games last season.
They extended his contract until 2020 in 2016 and upped his release clause from £22m to £35m.
Marca say the club have subsequently increased his release clause again to around £48m, with the deal lasting until 2022.
Boss Zidane is not short of centre-back options with Raphael Varane and Sergio Ramos both signing long-term contracts.
Added to that, Jesus Vallejo will return from a loan spell at Eintracht Frankfurt to challenge for a first-team spot.
