The Brazilian off-striker infamously turned down a Manchester City bid in 2009 to join the Spanish giants, but injury and a resulting collapse of form see him surplus to Jose Mourinho's requirements at the superclub.
Both Manchester City and Chelsea are rumoured to be interested in bringing in Kaka, and current Blues boss Carlo Ancelotti reportedly sees his former player as a long-term replacement for Frank Lampard.
The 2009 World Player of the Year has two goals in 11 appearances for Real this campaign after failing to achieve consistency during last season either.
Recurring knee injuries have been blamed for his fall from grace, and it now seems that Mourinho has lost his patience with Kaka and is keen to recoup some losses on the player this summer before his value bottoms out entirely.