Carlo Ancelotti bought and coached Verratti at PSG last year and wants his fellow Italian to join him at the Bernabeu.
Reports in Italy suggest that the Parisians may countenance such a deal if Xabi Alonso is thrown their way.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.